PlanetOut Sells Majority Stake For $26.2 Million.

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According to Barron’s, by way of SeekingAlpha, PlanetOut is running out of cash and the stock is down more than 31% in the last two days of trading.

With the ongoing slide in the stock – on Monday, PlanetOut shares fell 17 cents to 98 cents – the company’s market cap is down to a paltry $17.3 million. (CFO Dan) Miller notes that the company’s Gay.com URL is “incredibly valuable.�? That may be true; what’s not clear is whether the company can raise enough cash to avoid having the site and the rest of PlanetOut’s assets sold off in a Chapter 11 fire sale.

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According to Barron’s, by way of SeekingAlpha, PlanetOut is running out of cash and the stock is down more than 31% in the last two days of trading.

With the ongoing slide in the stock – on Monday, PlanetOut shares fell 17 cents to 98 cents – the company’s market cap is down to a paltry $17.3 million. (CFO Dan) Miller notes that the company’s Gay.com URL is “incredibly valuable.â€? That may be true; what’s not clear is whether the company can raise enough cash to avoid having the site and the rest of PlanetOut’s assets sold off in a Chapter 11 fire sale.

The company has hired Allen & Co. to consider strategic alternatives.

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