Juno Online Services
and some of its shareholders filed with the
Securities and Exchange Commission
to offer 5 million shares.
The company said it plans to sell 3.3 million shares while some of its stockholders will sell the remaining 1.7 million shares. Juno said it will use the net proceeds of $103.6 million for subscriber acquisition, advertising, brand marketing and continued investment in development of its services.
said it filed for Chapter 11 bankruptcy protection in Santa Barbara, Calif. Operations at the company's Goleta, Calif. facility have been discontinued and most of the employees there have been laid off. The company said it will continue to seek new financing in an effort to resume full operations.
said it has been notified by the
New York Stock Exchange
that it may be delisted for failure to meet certain requirements including a minimum stock price of $1 a share and a market capitalization of $50 million.