Sirius XM Gets Compliance Word From NASDAQ
Sirius XM Radio announced today that they have obtained notice from NASDAQ that they are in compliance with all NASDAQ listing standards, including the minimum bid price requirement. Accordingly, the hearing, formerly scheduled for April 29, 2010, before a NASDAQ Listing Qualifications Panel to review the Company’s compliance with the minimum bid price rule has been canceled.
In addition, NASDAQ has advised SIRIUS XM that it will remain listed on The NASDAQ Global Select Market.
SIRIUS XM also confirmed that, given the NASDAQ compliance determination, its board of directors will not need to consider a reverse stock split.
The confirmation was the final step in the news process regarding compliance.
Position – Long Sirius XM Radio
Spencer, I have one question about the RS. A request for RS approval was on the recent proxy for the coming shareholders meeting. The language used by the company says that SXM will no longer “consider” it but does that mean they no longer even need to have approval from the shareholders for an RS and that there is no need to address this at the shareholders meeting and thus approval for RS will expire end of June?
—