07/08/2001 11:00PM

Youbet stays on Nasdaq

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The Nasdaq Listing Qualifications Panel has ruled in favor of Youbet.com, which appealed the panel's decision to delist the company from the exchange last May.

Youbet based its appeal on recent gains in its stock price. Since May 21, when the company announced that it would be able to offer wagering from racetracks that were previously exclusively aligned with Television Games Network, Youbet's stock has generally traded above $1, a floor set by Nasdaq for its listed stocks.

In April, Nasdaq warned Youbet that it planned to remove the stock from the trading board as of May 22 if the company's share did not trade above $1 for a period of 10 consecutive days. The Nasdaq Listing Qualifications Panel heard Youbet's appeal on June 21.

Youbet's stock had dipped as low as 30 cents a share in the months before the TVG announcement. On Monday, Youbet stock closed at $1.08, down one cent. The stock has traded above $1 since June 9.