NetObjects slams its doors shut

by Douglas F. Gray
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September 4, 2001, 01:42 PM —  IDG News Service — 

Web design software company NetObjects Inc. shut its doors this week, not even leaving any employees to answer the phone.

NetObjects was delisted from the Nasdaq market last Wednesday because it was unable to meet listing requirements, the company said in a press release at the time.

NetObjects made software designed for letting inexperienced designers build Web sites.

The Redwood City, California-based company could not be reached for comment on Tuesday, but a message on the company's technical support line confirmed that the company had shut its doors. "The company intends to sell its assets as expeditiously as circumstances permit," the message said.

In March of last year, the company reached its 52-week high of $45.69 per share, but at the time of Wednesday's delisting, that had dropped to $0.28 per share. Last month, the company announced that its liabilities, totaling $7.8 million, exceeded its assets of $6.6 million, when it filed its third quarter financial results. At the time, the company said it had $4.4 million in cash and cash equivalents, but that it did not have enough cash to continue operations through its next quarter.

NetObjects can be reached online at http://www.netobjects.com/.

» posted by abennett

IDG News Service

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