Aiming for NASD
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2TheMart.com, a financially troubled Internet auction site, said Tuesday it will apply to have its shares traded on the NASD over-the-counter bulletin board.
The Irvine firm, which has been struggling with angry debtors and at least two class-action lawsuits, also said that federal regulators had no outstanding comments tied to the latest documents it filed.
Officials at the Security and Exchange Commission declined to comment Tuesday, and company officials did not return telephone calls.
The company told regulators late last year that it sold shares at a discount of as much as 89% after an earlier attempt to raise funds fell short.
On Nov. 18, the day the company launched its Web site, it sold 2 million shares at $1.50--a day when the stock closed at $13.44.
The below-market sales followed the company’s unsuccessful effort over the summer to raise $10 million by selling 1 million shares at $10 each. 2TheMart said at the time that it was short of cash.
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