NASDAQ Notifies Sirius XM of Non-Compliance Issue
NASDAQ has officially notified Sirius XM Satellite Radio that it is no longer in compliance with NASDAQ's independent director requirement. In an 8-K filing with the SEC on June 23, the satcaster said that Jeffrey D. Zients, an independent director, had resigned from its board. Zients was required to resign as a director when he was confirmed by the Senate as Deputy Director for Management, Office of Management and Budget.
Sirius XM has fourteen directors, seven of which have been determined to be "independent" as such term is defined under the NASDAQ Listing Rules. To come into accordance with NASDAQ rules, Sirius XM will comply with the independent director requirement prior to its next annual stockholders' meeting or June 22.
