New York - Sirius XM Radio said it received notice from the Nasdaq Stock Market on Sept. 15 that its common stock had closed below $1.00 per share for 30 consecutive business days, which could lead to delisting.
The company said it intends to avoid being delisted and will consider available options. Sirius XM also noted it received approval by shareholders in May to enact a reverse stock split, which would put the company back into compliance with Nasdaq rules and avoid delisting, it said.
The company's board of directors has the authority to enact the reverse stock split at any time prior to June 30.
According to Nasdaq rules, Sirius can regain compliance if at any time by March 15, 2010, its common stock closes at or above $1.00 for 10 consecutive business days.