OmniSky's Future Clouded
OmniSky, the wireless Internet service provider, is in deep financial straits. Last week, it failed to release a financial report for its most recent quarter, a violation of SEC rules. The company has issued a statement that says that it "continues to evaluate various strategic options, including a reorganization, sale, or other form of restructuring under the federal bankruptcy code." Its stock is currently trading around 20 cents, off its yearly high of $12.50.
The company's IPO was just over a year ago and its stock price has dropped steadily. During the last quarter the company reported on, it lost 38 cents a share on revenues of $5.4 million.
The company continues to offer service to its approximately 42 thousand subscribers.
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