Sirius XM Radio Inc. of New York received notice Sept. 15 from the Nasdaq Stock Exchange that its stock has fallen below $1.00 for 30 consecutive days and could be delisted from the exchange if its value does not increase, according to a Sept. 17 Sirius XM press release.
The price of Sirius XM stock must reach $1.00 for 10 consecutive business days by March 15, 2010, in order to regain compliance with Nasdaq rules, the release said. The company intends to maintain its Nasdaq listing and will consider available options if its share price remains too low.
Sirius XM stockholders in May agreed to a reverse stock split that would put the company in compliance with Nasdaq regulations, and the board of directors will proceed with the measure if it is in the best interest of the stockholders, the release said.
