Nasdaq extends freeze on delisting proceedings until April 20th, '09...

This is great news. No RS anytime soon.........maybe never.


http://www.nasdaq.com/newsroom/news/...20Requirements


NASDAQ OMX Extends Suspension of the Bid Price and Market Value of Publicly Held Requirements

NEW YORK, Dec. 19, 2008 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced the NASDAQ Stock Market (NASDAQ(r)) has made a filing with the Securities and Exchange Commission to extend its suspension of the rules requiring a minimum $1 closing bid price and a minimum market value of publicly held shares. Given the continued extraordinary market conditions, NASDAQ has extended the suspension of the requirements until Monday, April 20, 2009.

About the NASDAQ OMX Group

The NASDAQ OMX Group, Inc. is the world's largest exchange company. It delivers trading, exchange technology and public company services across six continents, with over 3,900 listed companies. NASDAQ OMX Group offers multiple capital raising solutions to companies around the globe, including its U.S. listings market; NASDAQ OMX Nordic, NASDAQ OMX Baltic, including First North; and the U.S. 144A sector. The company offers trading across multiple asset classes including equities, derivatives, debt, commodities, structured products and ETFs. NASDAQ OMX Group technology supports the operations of over 70 exchanges, clearing organizations and central securities depositories in more than 50 countries. NASDAQ OMX Nordic and NASDAQ OMX Baltic are not legal entities but describe the common offering from NASDAQ OMX Group exchanges in Helsinki, Copenhagen, Stockholm, Iceland, Tallinn, Riga, and Vilnius. For more information about NASDAQ OMX, visit http://www.nasdaqomx.com.

NDAQG

CONTACT: NASDAQ OMX
Bethany Sherman
+1.212.401.8714
Bethany.Sherman@NASDAQOMX.Com

With this extension, that pushes out any delisting risk until 2010. That means SIRI has all of '09 to get their stock price above a dollar....

good news today fellas.

Quote:

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Originally Posted by Demian

With this extension, that pushes out any delisting risk until 2010. That means SIRI has all of '09 to get their stock price above a dollar....

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It's extended to April 2009, so how do you see that nothing needs to be done until 2010 ?

Either way, refinancing should be in place by March 1st according to Mel & this means no RS for delisting purposes. If financing gets put in place, then maybe RS will never be needed or maybe just a more minor 1:5.

That is good news, also the the loans to GM and Chrysler approved.

Quote:

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Originally Posted by sxminvestor

It's extended to April 2009, so how do you see that nothing needs to be done until 2010 ?

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Because SIRI will have 30 business days after April 20th, '09 before they get notice from the Nasdaq and then another 180 business days after that which brings it into 2010. They can get extensions after that also and the Nasdaq may extend the freeze on delisting proceedings even more.....

Quote:

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Originally Posted by sxminvestor

It's extended to April 2009, so how do you see that nothing needs to be done until 2010 ?

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Because with the new April 20, 2009 deadline, that will be the new start date for the clock -- which 30 days after that, means that companies under $1 will get a delisting notice on May 19, 2009. This will give them 180 days to get it above $1 -- taking the deadline up to November 16, 2009.

Companies still under $1 on that date can request a hearing and demonstrate that they are taking measures to get the stock price above $1 -- including the option to do a reverse split... and they will be granted another 180 days to get the stock price above $1 -- including executing their reverse split. This takes the final deadline to May 14, 2010 to do so.

So Sirius has until May 2010 to get it above $1 or do a reverse split to avoid delisting.

Obviously, Sirius has a deadline of their own of 12/31/2009 to do so -- and IMHO, Sirius will either be above $1 or bankrupt by then. Regardless, companies (such as Sirius) can now push the delisting deadline to mid 2010, before needing to reverse split.


P.S. - I'll add that I speculated all along that the January date set by NASDAQ could and would be moved -- and if things in the economy haven't improved by April, don't be surprised if it gets extended AGAIN.



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Homer, you are using calendar days and I am certain that they are business days...

Looked it up, we're both correct... the 30-day after April 20, 2009 IS business days -- however both of the 180 day compliance periods are calendar days.

That extends my above days out about a week.

What was your source? Can you post a link to your source?

Thanks for all your research Homer.....

Demian

What is NASDAQ's compliance process for companies failing to meet the $1.00 minimum bid price requirement?

NASDAQ uses the consolidated closing bid price to determine whether a company complies with this requirement. If a company trades for 30 consecutive business days below the $1.00 minimum closing bid price requirement, NASDAQ will send a deficiency notice to the company, advising that it has been afforded a "compliance period" of 180 calendar days to regain compliance with the applicable requirements.

http://www.nasdaq.com/about/FAQsContinued.stm



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Thanks Homer,

So that takes the deadline to get the stock to over $1 out to the end of May, 2010...