More Bad News for 2TheMart.com

2TheMart.com’s volatile shares fell Tuesday for a second day after the Nasdaq market said the Irvine company’s stock may be removed from the OTC Bulletin Board.

The company’s shares dropped 7%, or 63 cents, to $8.13 after tumbling 25% on Monday, when Nasdaq said 2TheMart doesn’t meet the Bulletin Board’s filing requirements. The stock could be excluded Oct. 8.

The Internet auction site developer’s stock symbol was changed from TMRT to TMRTE.

“The E is to inform the trading public that the company is delinquent in its filings,” said Nasdaq spokesman Wayne Lee.

The OTC Bulletin Board is an electronic quotation system used by market makers to trade stocks not listed on any exchange. It provides liquidity to investors that would be lost if a stock is no longer quoted there.

The company made its first filing with the Securities and Exchange Commission on Aug. 26, but it won’t be considered current until the agency staff determines that the filing is satisfactory, according to Lee.

All OTC Bulletin Board companies whose names began with the letters BJ through CH on Jan. 4 must satisfy the filing requirements, including the agency review, by Oct. 7. 2TheMart.com was included in the group because its name was CD-ROM Yearbook Co. on that date.

Company executives weren’t immediately available for comment

2TheMart.com shares rocketed 25-fold in January, swept up by investor interest in Internet stocks, after the company became public by merging with CD-ROM Yearbook, a dormant public company.

Since then, the shares have plunged 84% after its Web site was delayed, it raised more capital and its first auditor departed.