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NYSE delisting = more bad news for Vonage
Vonage Holdings admitted to more gloomy financial news Thursday, as it reported that the NYSE informed the VoIP company last week its stock was in danger of being de-listed. Vonage must get its share price over $1.00 within six months, or it risks being removed from the premier stock exchange in the world.
In a statement, Vonage said that it "intends to cure the deficiency."
You can bet that the current share price and de-listing notice will be a hot topic at the Vonage Special Stockholders meeting Monday, Nov. 3. The meeting was originally scheduled to discuss Vonage's debt refinancing agreement with SilverPoint Partners, but the board now has this to consider as well.
Vonage had to extend its tender offer four times before some one bit at refinancing the debt, and it has yet to fix issues with churn, or find new subscriber bases. And it was ordered to pay Sprint $80 million for a patent violation just over a year ago.
No doubt Vonage employees are hoping 2009 is a lot better than 2008.
For more:
- see the company's release here
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Comments
Posted by Fernando | November 1, 2008 - 1:05am
they should go out of business, bunch of sorry a-ses tried them and was without service for over a month. they know that carrying two providers is against federal law. They still sell you the service knowing this, once your land line provider gets the order for a vonage account they cut you off. Most providers that issue internet service will require a package deal (ex. embarq) reported them to the BBB over refund they will not issue, insted asking for disconnecting fee even if I never had the service.
Posted by Anonymous | November 1, 2008 - 6:20am
wow! do u work 4 the phone company? vonage is awesome. easy to use with better features and cheaper. have u heard of the 'internet'? it is a good way to talk on the phone and it is cheaper! they will do fine . last time i checked it was not against the law to save money..they will cure the nyse rule easily with a reverse stok split if necessary...
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