, a Web content provider targeting Hispanics, said Wednesday it plans to liquidate its business, sell its assets and give the proceeds to shareholders.
Included in the company assets are the quepasa.com Web site and three subsidiaries,
, as well as company furniture, fixtures and equipment. The liquidation is subject to shareholders' approval, and the company said it expects to have a shareholders meeting to address the issue in three to four months.
Assuming shareholders approve, Quepasa.com will join
graveyard of public Internet companies gone under.
Last month the company cut 38 jobs, or about two thirds of its workforce, and said it was exploring strategic alternatives, including the sale of the company. The company said Wednesday it will reduce its current workforce of 20 throughout the liquidation process and pay a $880,000 restructuring charge in the fiscal fourth quarter related to the workforce reductions.
Last week the Phoenix-based company announced it received a delisting notice from the
because its stock had not maintained a minimum $1 bid over the previous consecutive 30 trading days as required by Nasdaq rules.
Shares of Quepasa remained unchanged yesterday, closing at 13 cents in