PlanetRx, Memphis, TN, learned yesterday that its listing might be removed from the Nasdaq stock exchange for failing to maintain a minimum $1 bid price for more than 30 days.
Nasdaq has granted the healthcare e-commerce site a hearing to review its decision to remove the PlanetRx stock listing. The company's stock, which a year ago traded for $154 a share, traded for 25 cents a share yesterday.
The removal of PlanetRx's stock listing is on hold until the company receives a decision from the Nasdaq Listing Qualifications Panel. The company did not specify when the panel is expected to issue a decision but indicated there was no guarantee that the panel's decision would be favorable.
The company has cut about 120 workers since June. At the end of August, it announced that it would move its corporate headquarters from San Francisco to Memphis, where the company has a 175,000-square-foot distribution center, customer-care center and pharmacy.
At the time, the company said the move would help it cut PlanetRx's rate of expenditures by 50 percent.
