Sirius XM Expected To Request NASDAQ Delisting Extension
March 16, 2010 at 8:19 AM (PT)
SIRIUS XM RADIO is expected to seek more time from NASDAQ to address its stock price, after failing to meet a MONDAY deadline to prop up its shares above $1 and retain its listing, reports REUTERS. SIRIUS XM's stock hase risen by more than 50% this year, but the satellite radio company has not met a NASDAQ market requirement that its stock close above $1 a share for 10 days in a row by MARCH 15th.
BARRINGTON RESEARCH analyst JAMES GOSS told REUTERS "There is some appetite for the securities of this company. Therefore, it's seemingly ridiculous to think that they would be de-listed because of the price per share, when the enterprise value is effectively in the $10 billion ballpark."
On a conference call last month, SIRIUS CEO MEL KARMAZIN said, "There is absolutely no concern about SIRIUS XM continuing to be listed and traded on NASDAQ and if successful in meeting NASDAQ's dollar bid requirement, we have no plans to execute a reverse split."
SIRIUS XM closed YESTERDAY (3/15) at $0.92. Follow the stock TODAY by clicking here.
Keep Up To Date With Our Industry's Financials
To keep tabs on radio stocks, head for the ALL ACCESS STOCK PAGE, then scroll down through the radio stocks the ALL ACCESS COMPOSITE and other quotes in the INDUSTRY-RELATED INDEX.