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LiveDeal Soars On Customer Growth, Seeks To Double Authorized Shares

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LiveDeal (NASDAQ: LIVE) shares gained nearly 18 percent Wednesday after the company said it had quadrupled the number of restaurants registering for its geo-location mobile marketing platform.

LiveDeal offers restaurants the opportunity to publish real-time offers to nearby consumers using mobile devices.

The company attributed gains mostly to a recent advertising campaign. With market capitalization of just $59 million, the company's Wall Street performance has proven volatile. Its shares in the past year have ranged from $0.79 to $11.94. LiveDeal will ask shareholders in July to approve a deal to raise $5 million through the sale of notes and also to double the number of shares authorized for issuance to 60 million, from 30 million. Its shelf registration for the sale of $50 million in shares became effective in April.

An organization calling itself Fraud Research Institute made several disparaging Tweets concerning LiveDeal Wednesday, including a claim that after calling 10 restaurants listed by LiveDeal none had heard of the company.

While the validity of these tweets cannot be confirmed, it appears the stock started selling off soon after these tweets were sent.

LiveDeal traded recently at $4.27 a share, up nearly 13 percent from Tuesday's close.

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