By WebProNews
Staff Writer
Article Date: 2004-03-16
A Securities and Exchange Commission filing reported that Mark Cuban, the energetic owner of the Dallas Mavericks, has claimed a 6.3% stake in Mamma.com.
Cuban, also a billionaire investor reported on March 4th that he owns 600,000 shares in the $50 million market-cap company. This amount puts Cuban past the 5% mark, which requires SEC notification.
These reports have caused a burst of activity around Mamma's stock. At the beginning of March, the stock tripled in value to $15 a share as a result of 65 million shares being traded.
Cuban stated that his stake in the company was a passive one. In a report from TheStreet.com Cuban stated: "I like companies that generate cash. This company doesn't have to be the next Google or Yahoo! Heck, they don't even have to be a top-10 search engine. What drew me to them was a search for pictures I was doing for a project. It did a better job than the bigger engines. So I continued to use it."
Mamma.com has had an interesting history. In January, they changed their name from Intasys, a global wireless Internet billing and customer care information systems provider, to Mamma.com, "the mother of all search engines."
The stock is currently trading at 9.89 a share, down from its high of 10.48. That is a 27% increase of its stock value since the date of the Cuban announcement.
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