Why is this stock hated so much?
=DJ Sirius-XM Seeks Reverse Stock-Split To Remain On Nasdaq
By Nat Worden
Of DOW JONES NEWSWIRES
Ę Mel Karmazin, chief executive of Sirius-XM Radio Inc. (SIRI), said Monday that the newly-merged satellite radio company has asked its shareholders to approve a reverse stock split so it can maintain listing requirements on the Nasdaq Stock Market. Ę Shares of Sirius-XM closed Monday at just 27 cents as the global credit crisis and economic slowdown threatens to plunge the company into bankruptcy. The company has asked its shareholders to approve a reverse stock split should its board of directors authorize one in order to boost its stock price. Ę "Our interest in a reverse split is motivated by requirements of Nasdaq for us to remain a listed company," said Karmazin on a conference call with analysts following the company's third-quarter earnings release. Ę He also said the company is asking for shareholder approval to issue more common stock if necessary. Ę "The merger with XM and the low stock price eliminated the cushion we had in authorized shares," said Karmazin. "We expect that our shareholders will approve these management and board of directors-supported proposals." Ę -By Nat Worden, Dow Jones Newswires; 201-938-5216;
nat.worden@dowjones.com
Ę (END) Dow Jones NewswiresĘ November 11, 2008 07:37 ET (12:37 GMT)Ę Copyright (c) 2008 Dow Jones & Company, Inc.- - 07 37 AM EST 11-11-08