Sirius XM Would Split Stock To Avoid NASDAQ Delisting
December 1, 2009 at 4:16 AM (PT)
SIRIUS XM RADIO is looking at a reverse stock split, should it be necessary to avoid delisting from NASDAQ, "but hopes its stock price will rise naturally, CEO MEL KARMAZIN told REUTERS MONDAY. SIRIUS XM is currently trading at about 60 cents a share, and have more than quadrupled from a year ago, but are still far from the $1 a share needed to avoid delisting by NASDAQ on MARCH 15th.
"I will absolutely do a reverse split if our stock doesn't qualify for NASDAQ. We are not going to get off NASDAQ," KARMAZIN said at the REUTERS GLOBAL MEDIA SUMMIT on MONDAY. "My preference would that organically we will get over $1."
Added KARMAZIN, "Between now and MARCH 15th, we have no reason to have to do any form of reverse split."
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