After receiving a delisting notice from Nasdaq in March, it appears the company investors knew as “LGBT” is no longer. PlanetOut, now owned by Regent Media, had 15 days from receiving the notice to prove to the stock exchange it had a plan in place to bring total company equity above $10 million — a requirement to trade on Nasdaq. In a March 13 press release, PlanetOut said it “currently intends to submit an application to transfer its securities to The Nasdaq Capital Market.”
Evidently, that came and went: The stock has effectively flat-lined, as seen above.
An alert reader notified us yesterday that “PlanetOut Inc. just stopped trading today…gone.” Indeed, LGBT is no longer being traded; the company’s market cap was just $1.55 million with shares priced at $0.380. In December 2004, LGBT traded at $136.
PlanetOut now operates under the auspices of Here Media, a name change engineered when PlanetOut’s media assets (Out, The Advocate) merged with Paul Colichman’s Here TV and Regent Entertainment Media.
When PlanetOut joined the Nasdaq after its 2000 founding, it was heralded as a particularly special moment in gay history: The first all-queer company to trade on a stock exchange. The dream was realized, then extinguished.