Ok, back to Sirius XM News . .
latest spin from thestreet.con . . . I am posting this for general information only for those that may not have seen it but FOR GOD'S SAKE DO NOT MAKE ANY INVESTMENT DECISIONS ON ANYTHING YOU READ IN THESTREET.CON OR FROM ANY OF THE NAMED ANALYSTS CITED IN THE ARTICLE
Part 1:
Why Sirius XM Won't Be Delisted
By Robert Holmes 04/22/10 - 10:18 AM EDT
NEW YORK (TheStreet) -- Sirius XM(SIRI) investors can breathe a sigh of relief: It appears the satellite radio provider's stock will not be delisted from the Nasdaq when the company meets with the exchange for a discussion next week. That, some argue, could provide a floor for Sirius XM's share price. (but Tyler Savery hasn't mentioned that in his recent reporting, are you sure about that?)
Sirius XM shares have closed above the $1-per-share mark for six consecutive sessions ended April 21, which has helped to assuage fears that the company could face a delisting on April 29, when it will meet with a Nasdaq hearing panel. (7 consecutive days now but who's counting . . it's a real nail bitter . . . Tyler Savery has chewed his nails down to the quik - ouch)
For now, a scenario of the stock falling to the Over-The-Counter Bulletin Board or Pink Sheets seems to be off the table. "This is an unprecedented situation with a stock close to penny-stock levels but with a multibillion market cap," says Jack Hain, an analyst with Barrington Research Associates. "That doesn't happen."
Hain says that with few foreseeable negative catalysts on the horizon to drive the stock down, Sirius XM's delisting troubles may be a thing of the past. It wasn't always clear that Sirius XM had a good chance at beating the Nasdaq's minimum big price requirement. While the stock did manage an eight-session string of above-$1 finishes in late February, Sirius XM hasn't finished above $1 for 10 consecutive sessions since Sept. 9, 2008.
If a stock closes below the $1 mark for 30 consecutive business days, it is granted a grace period of 180 calendar days to regain compliance with the Nasdaq's listing requirements or face delisting. To regain compliance, a stock like Sirius XM would have to close at or above $1 for a minimum of 10 consecutive trading sessions.
Sirius XM had been granted a 180-day grace period after receiving a warning letter from the Nasdaq in September 2009. As the stock failed to regain the $1 mark for a sustained period of time, the Nasdaq sent a second notice to the company after a March 15 deadline passed.
Sirius XM immediately requested a hearing with the Nasdaq's Listing Qualifications Panel, which put off any action on the stock's continued listing. When confirming plans to ask the exchange for a hearing, Sirius XM CEO Mel Karmazin laid his cards on the table.