Sirius XM Is Now OK With NASDAQ Rule
November 16, 2009 at 4:15 AM (PT)
SIRIUS XM RADIO has received a letter from THE NASDAQ STOCK MARKET acknowledging that the company complies with the independent director and audit committee requirements of the NASDAQ rules.
On JULY 9th, 2009, THE NASDAQ STOCK MARKET notified SIRIUS XM that it did not comply with the independent director and audit committee requirements for continued listing on the NASDAQ GLOBAL SELECT MARKET (NET NEWS 7/16) after the resignation of one of its independent directors upon his confirmation as Deputy Director of the UNITED STATES OFFICE OF MANAGEMENT AND BUDGET.
Upon the resignation of GARY PARSONS (NET NEWS 11/12) as a director of the company, independent directors under the NASDAQ rules constitute a majority of the SIRIUS XM Board of Directors.