Artist delisted. (Wall Street West).ArtistDirect Founded in 1994, Artistdirect, Inc. is an online digital media entertainment company. It owns several websites including Artistdirect.com, UBL.com, Loserkids.com and the Artistdirect Network. Inc. is being 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. because it no longer meets 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 the market value of its publicly held shares. ArtistDirect, run by rap impresario Ted Field for the past two years, lost more than $200 million in the past three fiscal years, while revenue over the same period totaled less than $25 million. The Los Angeles-based online music company, which also operates two record labels, said it will not be able to achieve and sustain compliance with Nasdaq listing standards, and will not appeal the Nasdaq ruling. Beginning May 9, it was scheduled to trade on the over-the-counter bulletin board. At Dec. 31, ArtistDirect's stockholder equity stood at less than $3.5 million, and its stock, which traded as high as $15.74 in December December: see month. 2001, stood at $1.31 a share on May 7, giving the company an overall market value of $4.5. million. |
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