05/20/2008 11:00PM

Youbet avoids delisting by Nasdaq


The Nasdaq stock market has notified Youbet.com, the online horse race broadcasting and wagering company, that the company has regained compliance with its regulations after its stock traded above $1 for 10 consecutive trading days, the company announced.

Youbet was notified by Nasdaq on March 17 that it faced delisting from the stock exchange if the share price did not meet the stock-price rules. The stock - which in late April traded at a 52-week low of 65 cents - passed the $1 mark in early May and has remained above the threshold since that time. At the close of trading on Wednesday, the stock was $1.47.

According to documents filed with the Securities and Exchange Commission, three directors of Youbet.com - Michael Sands, Jack Liebau, and Michael Brodsky, who is now the company chief executive officer - bought stock in the company in the middle of May. Sands bought 22,500 shares on May 13 for $1.36 a share; Liebau purchased 120,000 shares on May 14 at prices ranging from $1.35 to $1.50 a share; and Brodsky was awarded 1.4 million shares at a price of $1.63 per share.