NASDAQ Warns Sirius XM On Stock Price
September 17, 2009 at 4:29 PM (PT)
SIRIUS XM RADIO has been notified by NASDAQ that it is out of compliance with listing rules because its common stock has closed below $1 per share for 30 consecutive business days. SIRIUS XM has until MARCH 15th to get its price above $1 for 10 consecutive business days to avoid delisting.
In a press release, SIRIUS XM said that it intends to maintain the listing of its common stock on NASDAQ and will consider available options, among them a reverse stock split as authorized by stockholders in MAY. The company said that the notice, sent SEPTEMBER 15th, was expected because of the reinstitution of NASDAQ Marketplace Rule 5450(a)(1) on AUGUST 3rd and said that the notice "has no effect on the listing of SIRIUS XM's common stock at this time."