Sirius XM Gets NASDAQ Letter Regarding Price Rule

RADIO ONLINE | , , | :am CT

Sirius XM Radio said Wednesday that it had received a letter from NASDAQ stating that the company had not regained compliance with the $1.00 minimum closing bid price requirement for continued listing. The satcaster says it will request a hearing before a NASDAQ Listing Qualifications Panel to ask for continued listing pending its return to compliance.

"Sirius XM is one of the most liquid securities on the NASDAQ Global Select Market. We have a large investor base consisting of both individual and prominent institutional stockholders; and our equity capitalization is greater than approximately 92% of the companies listed on The NASDAQ Global Select Market. We are committed to remaining listed," said CEO Mel Karmazin.

Sirius XM has an equity capitalization of over $5.8 billion and an enterprise value of nearly $8.8 billion. In 2009, the company had revenue of over $2.5 billion. Over 3.7 billion shares of Sirius XM's common stock are available in the public float.

In addition, the NASDAQ OMX Group has announced that Sirius XM's common stock will be added to the NASDAQ Q-50 Index effective with the market open on March 22. The Q-50 Index is designed to track the performance of the fifty securities that are next in line to replace the securities currently included in the NASDAQ-100 Index.