San Francisco - PlanetOut (NASD: LGBT), a media and entertainment firm focused on the gay and lesbian market, said on Tuesday that it has received notice from the Nasdaq that its not maintained a minimum market value of $5 million for the past 30 days -- a requirement for continued listing on the exchange.

The struggling company now has until Oct. 30 to regain compliance or its shares will be delisted from the exchange.

San Francisco-based PlanetOut, which owns websites including Gay.com and PlanetOut.com, said last month that its accumulated deficit had grown to nearly $100 million.

The company sold off its RSVP cruise ship line for an undisclosed sum last year, and in April sold off its OUT and Advocate magazines for $6 million.

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