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Tampa Bay-Lakeland
Business Observer Thursday, Jul. 7, 2011 11 years ago

Inuvo keeps its stock listed

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Poor financials nearly took Inuvo's shares off the New York Stock Exchange.

CLEARWATER — The New York Stock Exchange approved an application by Inuvo (symbol: INUV) to remain listed on the market, despite failing to meet a number of key financial criteria required of listed companies.

Inuvo's stockholder equity is below $4 million, a release says, and the firm has posted losses from continuing operations and/or net losses in three of the last four years. The NYSE contacted Inuvo on May 9 to draw its attention to these failings.

On June 8, Inuvo submitted a plan of compliance to the exchange showing how it would resolve its outstanding issues. This week, the plan received the NYSE's approval. Thus, Inuvo's stock will remain listed on NYSE Amex until Dec. 8, 2012.

Inuvo has generated nearly $90 million in revenues over its last two fiscal years, but its combined operating losses exceeded $8 million during that time. The company's stock is currently trading at just more than $2 a share, down 60% so far this year.

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