A day after it received a stock delisting warning, Costa Mesa, Calif.-based
Tickets.com tried to shore up confidence by announcing a multi-year agreement with the Milwaukee Brewers to include retail distribution through Tickets.com’s retail outlets and call centers.
The Nasdaq warning said the B2B ticketing solutions provider has
failed to comply with the minimum bid price requirement for continued listing
on the Nasdaq National Market System. The company’s stock has traded below $1
since last November.
Shares were plunging today, losing 15 cents or about 29 percent of their value
in the early going, dropping to 37 cents a share.
Tickets.com said it has been granted a hearing before a Nasdaq Qualifications
Panel to consider the company’s continued listing. The hearing is scheduled
for May 10. The stock will continue to be traded on the Nasdaq National
Market pending a final decision.
The Brewers currently use Tickets.com’s Prologue ticketing software to
conduct their off-line ticketing operations in-house, and Tickets.com
provides online ticketing for the Brewers through the company’s agreement
with MLB Advanced Media, the interactive media company of Major League
Baseball.
In addition to baseball games, Tickets.com now will provide ticketing
services for other events at Milwaukee’s new stadium, Miller Par, including
concerts, non-baseball sporting events and activities related to the
Wisconsin State Fair. Financial arrangements were not disclosed.
Founded in 1996, Tickets.com has never actually made any money since going
public in 1998.
