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SiriusXM Asks NASDAQ For More Time

Posted by on March 17, 2010

While satellite behemoth SiriusXM is finally starting to make money, their stock price isn’t showing signs of life. In fact, the company is planning on asking NASDAQ for some more time before they delist them from the stock exchange. While the company’s stock has risen by more than 50%, it didn’t meet a requirement stating that stocks have to remain above $1 for 10 days straight before March 15. Stock is currently trading at .90/share. The company had said last month that if they received a delisting notice from NASDAQ, they’d ask for a six month extension. Chief Mel Karmizan stated the following via conference call last month:

“There is absolutely no concern about SIRIUS XM continuing to be listed and traded on NASDAQ and if successful in meeting NASDAQ’s dollar bid requirement, we have no plans to execute a reverse split.”

For SiriusXm’s sake, lets hope there is no need for concern.

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Categorised in: Satellite Radio