Netcentives Files for Bankruptcy Protection, Sells E-mail Business
The San Francisco-based company also said it signed a letter of intent to sell its Email Marketing Group to Plum Acquisition Corp. Financial terms of the sale were not disclosed.
"The filing is an important step in protecting the value of our loyalty and e-mail business operations and the underlying intellectual property, patents and source code as we seek to sell the company's business operations," said Eric Larsen, Netcentives' CEO.
He also said that the bankruptcy filing is an extension of the company's reorganization, begun earlier this year. On Sept. 13 Netcentives announced a workforce reduction of 50 people, bringing its total employee base to 130. On the same day, Nasdaq delisted the company's shares from trading on the National Market for failing to trade above $1 for more than 30 days. Netcentives' shares thereafter were traded on the OTC Bulletin Board.