From the release notes draft:
(VM) The WWW interface is not currently available for VM because L-Soft
does not want to invest in a solution for the currently available
(single-connection) web servers. L-Soft believes that these servers will
become obsolete as soon as web servers supporting multiple connections
become available for VM, and that it is not a good use of L-Soft
resources to invest in the development of a single-threaded REXX CGI
stage at this point. However, the VM version of LISTSERV does have the
necessary programming to support the web archive interface; the missing
component is the CGI stage. Please contact L-Soft if your organization
would be interested in developing this function through a joint study.