Company president Mark Graves resigned at the end of December. His position remains unfilled. Cypress will also reduce its activity in 27 markets to concentrate on 13 major markets. The company says these cities represent 67% of its current licensed square footage, 84% of its lit square footage and 100% of its existing revenue. The cities are Atlanta, Boston, Chicago, Dallas, Denver, Houston, New Orleans, Phoenix, Seattle, Southern California (Los Angeles and Orange County), South Florida and Washington DC.
Cypress, founded in 1995, was a sweetheart for venture capitalists which provided the company with $53.5 million in October 1999. It was one of the biggest rounds of financing in Georgia at the time. In February 2001, Cypress went public at $17 a share and saw its stock soar to $29.94. Then came spring. And the plunge. As of January 11, the company's stock was trading at 81 cents per share. It has been as low as 78 cents per share.
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