Sirius XM Radio Being Removed From NASDAQ: End of Online Radio
SIRIUS XM Radio Inc. (Nasdaq: SIRI) announced today that it received notice from the Nasdaq Stock Market on September 15, 2009 that its common stock had closed below $1.00 per share for 30 consecutive business days and is therefore not in compliance with the Nasdaq Marketplace Rules.
Most people have announced that this is the end of traditional online radio as we know it. Online radio is an area in which is probably behind most others in terms of innovation, but with Last.fm, Pandora and online music streaming services why listen to an online radio where I have no choice in what I listen too, compared to streaming where I get to choose what I listen too.
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Sirius XM is planning a reverse stock split. Anywhere from 1:25-1:50 ratio. So they’ll stay in the NASDAQ. Whether they’ll do well in the future or not, I have no clue, but the title is false information.
I loved the movie about Sirius XM: “Stock Shock” because it explains how the whole naked short selling stock market manipulation thing works-and how the company nearly went bankrupt. Good DVD. Amazon has it or stockshockmovie.com has a movie trailer.
We just reported on the fact that Reuters was first to copy the press release. You can find the full official press release in the link within the article.
Such a ridiculous little blurb (not even worth calling it an article).
First off, the fact that Siri received this noticed was baked into its stock price way before it was received.
Second, the letter states that they have until March to comply (before doing a stock split or being removed).
Third, this will be the first profitable quarter (coming up) for Sirius. Anyone ever seen what a first profitable quarter does for a company’s stock price.
SiriusXM is not only NOT GOING AWY, it’s just getting started.
XM and Sirius have some decent music statons — Spectrum, the Loft, XMU, and other stations proivde exposure to new bands and new music. They are also valuable for news and sports, especially Major League Baseball — you can’t listen to everything online for the price they charge. Sat radion great in the car, too. I am biased of course – I own three XM radios!
Do just a little bit a research before you spout off inaccurate statements.
As brakker mentioned, Sirius has until March to comply (i.e. trade above $1.00 per share for 10 consecutive days) and, in the unlikely event they don’t do this they can invoke a reverse split (for which they’ve already gotten shareholder approval). As such, there is ZERO chance Sirius will be desisted from the NASDAQ anytime soon.
Additionally, you seem to assume that a company being delisted from the NASDAQ means it would then cease to exist.
This random, weird little blurb of misinformation highlights complete ignorance/naivity on your part.
@Steve it wasn’t assumed that if the company was delisted it would not exist. Of course the company would still operate as normal and be a great service for users. However, the delisting means that the company is in decline in terms of profit and value.
So how many shares do you own then Steve?
YOU LIE!
VIVA LA SIRIUS!!!
Stories like this are such BS. Get your story straight. Posting lies won’t make you successful.
I was stating facts in this article. SIRIUS XM may regain compliance if at any time by March 15, 2010 its common stock closes at or above $1.00 for 10 consecutive business days. Those are the facts!!