Drkoop Seeks to Prevent Removal From NasdaqDrkoop.com, Austin, TX, is prepared to call a stockholder meeting to prevent its stock listing from being removed from the Nasdaq stock exchange, the company said yesterday.
Nasdaq has notified drkoop.com that its stock has been trading below $1 for 30 consecutive days. The stock exchange required drkoop.com to demonstrate compliance with its listing rules or else face removal of its listing.
Drkoop.com said it would ask its stockholders to vote on a reverse stock split to bump up the trading price if necessary. The company's stock, which hit a 52-week high of $19.88 on Dec. 9, 1999, hit a 52-week low on Dec. 5 at 50 cents per share.
The health portal has weathered a stormy year in 2000, during which it has sought to cut millions of dollars in expenses. Drkoop slashed 35 percent of its work force in May and said it had only $2 million in cash reserves at the end of the second quarter. In August, the company reduced its staff from 120 to its current level of about 80 employees and named a new president, CEO and chief financial officer.