Remains in Business During Chapter 11 Process
MENLO PARK, Calif., Aug. 22 -- Egghead.com(R), Inc. (Nasdaq: EGGSQ) today announced that it has notified Nasdaq that the Company has withdrawn its request for a hearing to appeal the Nasdaq staff determination to delist the Company`s common stock. The Company also announced that it would not pursue the reverse split action approved by its Board of Directors in June. Following its delisting as a Nasdaq National Market security, the Company does not expect its common stock to be traded on the OTC bulletin board.
"With our sale of assets to Fry`s Electronics pending Bankruptcy Court approval, the Egghead.com site remains active; however, at the conclusion of this process, the company will no longer exist as a public entity," said Jeff Sheahan, president and CEO of Egghead.com. "As a result, there is no reason to appeal the delisting."
Egghead.com, Inc. is an Internet direct marketer of technology and related products. With an emphasis on Small- to Medium-sized Business (SMB) customers, Egghead.com offers a wide range of products from computer hardware and software, consumer electronics and office products, to sporting goods and vacation packages. Its Clearance, After Work and Auction formats offer bargains on excess and closeout goods and services. Egghead.com is located on the Internet at http://www.egghead.com.
NOTE: Egghead and Egghead.com are registered trademarks of Egghead.com, Inc.
This press release contains "forward-looking" statements, including statements regarding the delisting of the Company`s common stock and future trading markets. These statements are based on information available at the time of this release and the Company assumes no obligation to update them. The statements are not guarantees of future performance and actual results could differ materially from current expectations as a result of many factors. For example, the outcome of the bankruptcy proceedings is unpredictable, and the Company cannot control how its securities may be traded among stockholders. Other risks and uncertainties associated with the Company`s business are detailed in the Company`s EDGAR filings with the SEC, which are available through http://www.sec.gov.
CONTACT: Joanne Sperans Hartzell of Egghead.com, Inc.,+1-650-470-2713, or email@example.com