Troubled gay media company PlanetOut (NASDAQ:LGBT) continues to face turbulence – the company now faces possible Nasdaq delisting after failing to meet minimum market value for its stock, according to a PlanetOut press release.

PlanetOut – the parent company of gay online market leaders and – reported last month that it had an accumulated deficit of nearly $100 million.

Losses have been mounting for PlanetOut since 2006 when it acquired gay cruise line RSVP. But a little more than a year later, RSVP found itself being sold off to Atlantis Events, Inc. for an undisclosed sum. In April the company decided to sell off its magazine entity to Regent Releasing – the film studio arm of New York-based GLBT cable channel here! – for $6 million.

Despite these efforts, the company's stock price lingers at historic lows, closing at $2.50 Monday. The company has been given 90 calendar days (or until October 30, 2008) to meet minimum market value.

“PlanetOut intends to monitor the minimum market value of publicly held shares (as defined by the Rule) of its common stock between now and October 30, 2008. If its common stock does not trade at a level that is likely to regain compliance, PlanetOut's board of directors will consider options available to PlanetOut, including applying to transfer PlanetOut's securities to the Nasdaq Capital Market [from the Nasdaq Stock Market],” the company said.