Nasdaq is waving bye-bye to Buy.com.
The exchange delisted shares of the Aliso Viejo-based e-tailer beginning with trading on Tuesday morning.
Buy.com will continue to be quoted on the OTC Bullet Board, according to the company, but it may not be for long. Buy.com founder Scott Blum intends to buy back all remaining shares of the company at 17 cents per share, its closing price last Friday.
SB Acquisition, a company wholly owned by Blum, will make the purchase, according to Buy.com. The transaction is expected to close prior to Nov. 30.
As part of the agreement, SB Acquisition will provide Buy.com with up to $9 million in interim financing.
Buy.com went public 18 months ago with much hype. It offered 14 million shares at $13 each that quickly soared to more than $35 per share.
Former Ingram Micro executive Greg Hawkins was named CEO of Buy.com, but the company did not make money and soon felt the heat from Wall Street. Shares plummeted to below a dollar and James Roszak replaced Hawkins as CEO.
Buy.com lost $45.2 million, or 33 cents per share, on revenue of $124.6 million in the first quarter ended March 31. The results compared with a loss of $32.8 million, or 28 cents per share, on $207 million in revenue for the year-ago quarter.
In fiscal 2000, Buy.com lost $133 million on sales of $787.7 million, compared with a loss of $130.2 million on $596.9 million in revenue in 1999.
