Sirius XM Receives Nasdaq Delisting Notice

Authored by Mark Hefflinger on September 18, 2009 - 9:27am.

New York - Sirius XM Radio (NASD: SIRI) said yesterday that it has received a notice from the Nasdaq that its shares are in danger of being delisted from the exchange, as they have closed below the $1 minimum share price requirement for 30 consecutive business days.

The company now has until March 15 to regain compliance, and says it "will consider available options" if this does not happen.

These options include effecting a reverse stock split that was approved by the company's shareholders in May.

Sirius XM said it "intends to effect the reverse stock split only if it determines the reverse split to be in the best interests of stockholders.

Such a reverse split would put the company in compliance with the Nasdaq bid price requirement."

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