NEW YORK, Sept 17, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- 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 Rule 5450(a)(1). In accordance with Marketplace Rule 5810(c)(3)(A), 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.
The Company intends to maintain the listing of its common stock on Nasdaq and will consider available options if its common stock does not trade at a level likely to result in compliance with Nasdaq's minimum bid price requirement by March 15, 2010. This notification was expected given the reinstitution of Nasdaq Marketplace Rule 5450(a)(1) on August 3, 2009 and has no effect on the listing of SIRIUS XM's common stock at this time.
In May 2009, the Company's stockholders approved an amendment to its certificate of incorporation to effect a reverse stock split at a ratio of not less than one-for-ten and not more than one-for-fifty. The Company's board of directors has authority to select an exchange ratio within the approved range at any time prior to June 30, 2010. The board of directors intends to effect the reverse stock split only if it determines the reverse split to be in the best interests of stockholders. Such a reverse split would put the company in compliance with the Nasdaq bid price requirement.