Buy.com sold and also delisted from NASDAQ
08-14-01 | 07:49 PM
#1
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Buy.com sold, delisted from NASDAQ, lays off 40%
Source: VideoTropic
08/10/2001
Buy.com sold: Buy.com today said it agreed to be bought by its founder, Scott Blum, for today's closing price of 17 cents a share in cash in what is descrobed as a reverse merger. Blum's holding company, SB Acquisition Corp., will also provide interim financing of up to $9.0 million. Buy.com, which has traded as high as $35/share, hit its 52-week high of $4.69 on Sept. 6, 2000, and is being considered for delisting by NASDAQ.
08/14/2001
Buy.com delisted: Everyone knew it was coming, especially after Friday's news: The Nasdaq Listing Qualifications Panel has ruled to abide by the Nasdaq Staff Determination, and Buy.com has been delisted from NASDAQ, effective today. The company hopes to be listed on the OTC board.
08/10/2001
Buy.com sold: Buy.com today said it agreed to be bought by its founder, Scott Blum, for today's closing price of 17 cents a share in cash in what is descrobed as a reverse merger. Blum's holding company, SB Acquisition Corp., will also provide interim financing of up to $9.0 million. Buy.com, which has traded as high as $35/share, hit its 52-week high of $4.69 on Sept. 6, 2000, and is being considered for delisting by NASDAQ.
08/14/2001
Buy.com delisted: Everyone knew it was coming, especially after Friday's news: The Nasdaq Listing Qualifications Panel has ruled to abide by the Nasdaq Staff Determination, and Buy.com has been delisted from NASDAQ, effective today. The company hopes to be listed on the OTC board.
Last edited by TheBang; 08-15-01 at 05:34 PM.
08-15-01 | 05:33 PM
#2
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The bad news just keeps coming:
08/15/2001
Buy.com releases Q2 numbers: Buy.com has released its Q2 financial results, but quite frankly, nobody cares. On Monday the company instituted a layoff of 50 of its 125 full-time workers, representing 40% of its workforce; the company's cash and marketable securities decreased 57% to $14.5 million (of which $2.1 million is restricted under a letter of credit obligation). The company appears to have bet its future on the hope that nobody will cancel their Willy Wonka order.
08/15/2001
Buy.com releases Q2 numbers: Buy.com has released its Q2 financial results, but quite frankly, nobody cares. On Monday the company instituted a layoff of 50 of its 125 full-time workers, representing 40% of its workforce; the company's cash and marketable securities decreased 57% to $14.5 million (of which $2.1 million is restricted under a letter of credit obligation). The company appears to have bet its future on the hope that nobody will cancel their Willy Wonka order.
08-15-01 | 09:34 PM
#3
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From: North of the Big Easy
This is the very reason that many buyers have been warned on this board about making purchases from them. Some people never get it though and continue on their buying spree's. It just a matter of time there will be more bye.com horror stories.
I just wonder what they will do with all the credit card information stored on their servers.
saintsfan
I just wonder what they will do with all the credit card information stored on their servers.
saintsfan
08-16-01 | 07:45 AM
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From: Edison, NJ
I have a friend here at work that owns some of their stock. He bought it when it was at $.25 thinking it might go up. He only bought 500 shares so even if it goes belly up, he doesn't care.
08-21-01 | 08:49 PM
#5
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For those tracking the slow demise...
Buy.com may no longer be able to process credit card orders if it doesn't find a new processor by Sept. 1
http://news.cnet.com/news/0-1007-200...html?tag=mn_hd
Buy.com may no longer be able to process credit card orders if it doesn't find a new processor by Sept. 1
http://news.cnet.com/news/0-1007-200...html?tag=mn_hd
08-21-01 | 11:58 PM
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From: Addison, TX
I have heard of a lot strange things with the dot com's, but man that is a first. How does a company lose its credit card processer. I guess they could always start taking paypal. 
08-22-01 | 01:03 AM
#7
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I hope no one buys any preorders due around 9/1 
sounds pretty bad to me. maybe the founder will buy the name only for a reduced cost and try to open a smaller store online.
sounds pretty bad to me. maybe the founder will buy the name only for a reduced cost and try to open a smaller store online.
