Sirius XM Hearing for NASDAQ Delisting Set for April 29
Previously here at RouteNote we somehow received a lot of stick for talking about Sirius and their possible delisting from the NASDAQ. The time is now upon us and Sirius are very close to being delisted.
According to PR Newswire:
SIRIUS XM Radio Inc. (Nasdaq:SIRI) today announced that The NASDAQ Stock Market LLC (“NASDAQ”) has scheduled a hearing on April 29, 2010, at which the Company will be afforded the opportunity to request continued listing on The NASDAQ Global Select Market pending its return to compliance with NASDAQ’s $1.00 per share bid price requirement.
The hearing before a NASDAQ Listing Qualifications Panel (the “Panel”) stays all action by NASDAQ. Under NASDAQ’s current Listing Rules, the Panel may grant the Company up to an additional 180 days from the date of the staff’s most recent notification of non-compliance, or through September 13, 2010, to comply with the NASDAQ bid price requirement. The Company does not expect to receive a written decision of the Panel for up to 45 days following the hearing.
The Company intends to take all necessary steps to maintain the listing of its common stock on The NASDAQ Global Select Market. The Company’s stockholders have granted the Company’s board of directors the discretion to effect a reverse stock split, which would bring the Company into compliance with the NASDAQ bid price requirement. While the authority granted to the board expires on June 30, 2010, the Company will seek approval from stockholders at its upcoming annual meeting to extend that authority through June 30, 2011. The board of directors intends to effect the reverse stock split only if it determines the action to be in the best interests of stockholders.
Sirius has done quite well as there stock has been as high as $1.18, but as of today it is only $0.842. A lot of hard work ahead of Sirius if they want to stay listed on the NASDAQ!
SIRIUS XM Radio Inc. (Nasdaq: SIRI) 
