The letter, which Razorfish received July 10, gives the company the standard 90-day period to get its stock price over $1 for 10 consecutive days. A Razorfish spokesman said the company was doing everything possible to avoid being delisted.
The amendment follows up on a registration statement the company filed June 1, in which it said it was attempting to raise $30 million. The amendment also disclosed that co-founder Jeff Dachis had sold all of his shares, and co-founder Craig Kanarick had sold most of his shares.
The duo, which resigned from their roles as co-chairmen in June, had together owned more than 9 million shares, or approximately 10% of the company.
The company has retained New York investment bank Ladenburg Thalmann to assist it in raising the $30 million, which it plans to do through a combination of Class A stock, preferred stock, debt securities and warrants. At midday, Razorfish stock was trading down 4 cents at 50 cents. -- Mercedes Cardona and Catharine P. Taylor
Copyright July 2001, Crain Communications Inc.