ARTISTdirect Receives Nasdaq Delisting Notification.Business Editors LOS ANGELES--(BUSINESS WIRE)--May 7, 2003 ARTISTdirect, Inc. (Nasdaq:ARTD) today announced that it has received notification from the Nasdaq that its common stock will be delisted from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. effective May 9, 2003. The delisting action was taken by the Nasdaq as a result of deficiencies relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc listing standards for stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. and market value of publicly held shares. The Company has determined that it will not be able to achieve and sustain compliance with these Nasdaq listing standards in a timely manner and, therefore, will not appeal the delisting determination. In reaching its delisting determination, the Nasdaq also noted that the Company had not paid its 2003 Nasdaq National Market listing fee. Beginning on May 9, 2003, ARTISTdirect common stock will be eligible for trading on the Over-the-Counter Bulletin Board (OTCBB OTCBB See OTC Bulletin Board (OTCBB). ). The Company's ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors will continue to be ARTD. Some quotation services add "OB" to the end of the symbol (ARTD.OB). OTCBB securities are traded through broker/dealers acting as market makers. Information regarding OTCBB, including stock quotations, can be found at www.otcbb.com. ABOUT ARTISTdirect, Inc. ARTISTdirect Inc. (Nasdaq:ARTD) is a music entertainment company comprised of an online music network and two record labels. The ARTISTdirect Network (www.artistdirect.com) offers multi-media content, music news and information, online fan communities, music related commerce and digital music services. The Company's iMusic record label represents established artists and distributes their music both online and through retail channels. ARTISTdirect Records, the Company's co-venture, is an independent record label specializing in rock and urban music. The Company has its headquarters in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. . |
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