SIRIUS XM Receives NASDAQ Letter Regarding Minimum Bid Price Rule

Related Quotes

Symbol	Price	Change
SIRI	0.8944	-0.0106

{"s" : "siri","k" : "c10,l10,p20,t10","o" : "","j" : ""}

NEW YORK, March 17 /PRNewswire-FirstCall/ -- SIRIUS XM Radio Inc. (Nasdaq:SIRI - News) today announced that it has received a letter from the staff of The NASDAQ Stock Market LLC ("NASDAQ") stating that the Company has not regained compliance with the $1.00 minimum closing bid price requirement for continued listing on The NASDAQ Global Select Market under NASDAQ Listing Rule 5450(a)(1).  The Company will request a hearing before a NASDAQ Listing Qualifications Panel (the "Panel") at which it will ask for continued listing on NASDAQ pending its return to compliance.  As a result, the NASDAQ staff's letter has no effect on the listing of SIRIUS XM's common stock at this time.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20080819/NYTU044LOGO )

"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 on The NASDAQ Global Select Market," said Mel Karmazin, Chief Executive Officer of SIRIUS XM.

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 the Company's common stock are available in the public float.

In addition, the NASDAQ OMX Group, Inc. has announced that the Company's common stock will be added to the NASDAQ Q-50 Index effective with the market open on Monday, March 22, 2010.  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.

The Company intends to take all necessary steps to maintain the listing of its common stock on The NASDAQ Global Select Market.  The Company's stockholders have granted the Company's board of directors the discretion to effect a reverse stock split, which would bring the Company into compliance with the NASDAQ bid price requirement.  However, the board of directors intends to effect the reverse stock split only if it determines the action to be in the best interests of stockholders.

Under NASDAQ's current Listing Rules, the Panel may grant the Company up to an additional 180 days from the date of the staff's letter, or through September 13, 2010, to comply with the NASDAQ bid price requirement.

About SIRIUS XM Radio