Nasdaq sends Sirius XM the expected warning letter

While Sirius XM did remain above the $1 mark for eight consecutive trading days last month, the Nasdaq rule is it must remain above $1 for ten days. On Wednesday, Sirius XM received a warning letter from Nasdaq, saying it could face de-listing. Sirius XM will request a hearing before a Nasdaq Listing Qualifications Panel, to ask for more time to gain compliance. Sirius XM CEO Mel Karmazin says his company has 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.” He says “We are committed to remaining listed.” Sirius XM stock closed on Wednesday at $0.894 per share.

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