- Reuters, Monday, March 15, 2010 11:16 PM
Sirius XM Radio will seek more time from Nasdaq to address its penny stock price, after failing to meet a Monday deadline to prop up its shares above $1 and retain its listing. Though Sirius shares
have risen more than 50% this year, the satellite radio company did not meet a Nasdaq market requirement that its stock close above $1 a share for 10 days in a row by March 15. It will appeal any
de-listing notice.
Barrington Research analyst James Goss noted that Sirius is far bigger than its stock price suggests. He pointed to Sirius' announcement last week that it raised
$800 million through a senior notes offering to refinance a portion of its long-term debt. Sirius has about 3.8 billion shares outstanding and, on average, more than 135 million traded each day of the
past month on Nasdaq.
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