Sirius XM Seeks Extension On NASDAQ Delisting
March 29, 2010 at 4:26 AM (PT)
SIRIUS XM RADIO said FRIDAY (3/26) that it has scheduled a hearing with the NASDAQ STOCK MARKET to gain a reprieve for its stock, currently trading at less than $1, and in danger of delisting (NET NEWS 3/17).
NASDAQ notified SIRIUS last FALL that it may be kicked off because its stock had closed below $1 for 30 straight days. The stock has been below $1 since SEPTEMBER 2008, except for a brief period this FEBRUARY, reports BUSINESSWEEK.COM.
The hearing is set for APRIL 29th. SIRIUS is seeking an extension through SEPTEMBER to raise its price above $1. It could do so with a reverse stock split, trading one share for two or more outstanding ones.
"The Company intends to take all necessary steps to maintain the listing of its common stock," it said in a statement.
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