Updated on 09/15/2011 1:17PM

Youbet stock back below $1

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Stock in the online wagering operator Youbet.com fell 19 percent on Friday after the company acknowledged that NASDAQ still intended to remove it from the market.

Youbet officials requested a hearing to appeal NASDAQ's decision, and the company will remain on the market until the hearing is completed. NASDAQ notified Youbet in February that the company would be delisted if its stock did not trade above $1 for 10 consecutive trading periods by

May 21. Youbet's stock closed at 88 cents on Friday, down 21 cents on heavy trading.

Youbet's stock had traded above $1 since Monday, when the company announced an agreement with Television Games Network that would allow it to accept wagers on 20 additional racetracks, including some of the best in the country.

Part of the agreement will allow TVG to purchase 19.9 percent of Youbet's stock within the next three years at a cost of one-tenth of a cent per share, or $4,000 under current conditions. If Youbet shareholders approve, TVG will also be eligible to purchase 51 percent of the company's common stock when it exercises the first warrant.