New York
– Sirius XM Nasdaq in an effort to remain listed even though the company’s
stock price has fallen below Nasdaq’s minimum $1-per-share listing requirement.
A Nasdaq hearing panel could give the satellite-radio broadcaster
until September 13 to comply with the price requirement. The company said it
doesn’t expect to receive written notice of the panel’s decision for up to 45
days following the hearing.
Sirius XM stockholders have
given the company’s board the discretion to effect a reverse stock split to
bring the company into compliance. The board will do so “only if it determines
the action to be in the best interests of stockholders,” a company statement
said.
