Around the Net

Sirius XM Doesn't Meet Nasdaq Requirements

  • 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.

advertisement

advertisement

Read the whole story at Reuters »

Next story loading loading..