RUMOR MILL
Might we suggest that part of the company’s problems stem from the fact that it trades under the ticker symbol HITS? Just asking.
Thursday, September 14, 2000
MUSICMAKER.COM SPLITS STOCK
One Day Hopes To Do The Same With The Atom
N.Y.-based digital download and custom CD compilation Web site Musicmaker.com announced a one-for-ten reverse stock split today. The move is intended to raise the company's per-share price, which has been hovering at just under a dollar on the Nasdaq exchange for more than a month. If a stock stays below one dollar for more than 90 days, the exchange can remove the company's listing. The split is expected to become effective in approximately 30 days, or three days if calendar-makers decide to make a one-for-ten split on time.
Musicmaker.com's price has declined since going public in July of last year. It closed down $.09 today at $.71. Major holders of the company, such as the EMI Group and Zomba Records, won't make any money from the deal. Might we suggest that part of the company's problems stem from the fact that it trades under the ticker symbol HITS? Just asking.
On Monday (9/11), Robert Bernardi resigned as Chairman of the Board. But you can still pick up a copy of the bitchin' Jimmy Page and the Black Crowes live album. No word yet on whether you can trade ten old Led Zeppelin albums for it, yet.
