Quepasa.com (Nasdaq: PASA) was up 1/8 at 1 7/8 early Tuesday after announcing it had hired an advisor to help it find a buyer or investor.
The Phoenix, Arizona-based Quepasa operates an online community for Hispanics in the United States. After the close of trading Friday, the company said it retained Friedman, Billings, Ramsey & Co. to help it “consider a number of strategic alternatives,” including “alliances, significant equity investments in the company, a merger or the sale of the company or significant portions of its business.”
Quepasa shares are trading near a 52-week low, down from a high of 26 3/4 last July. The company, which earlier this month said it would lay off about a third of its workers, reported a first-quarter loss of $10.7 million or 68 cents a share on revenue of $865,585.
Still, the site is growing: Registered users at quarter’s end totaled 350,000, up 67 percent from the fourth quarter.