Sirius XM Slides on NASDAQ Warning
NEW YORK (
) --
stock has slid 1.6% to 88 cents a share after the company received another cautionary statement about complying with listing requirements for the NASDAQ.
Sirius XM said on Wednesday that it received a letter from the NASDAQ stating that the company hasn't regained compliance with the $1 minimum closing bid price requirement for continued listing on The NASDAQ Global Select Market. Sirius XM said in a statement that it will request a hearing before a NASDAQ panel, where it will ask for continued listing on the NASDAQ pending its return to compliance.
"We are committed to remaining listed on The NASDAQ Global Select Market," Sirius XM chief Mel Karmazin said.
On Wednesday, Sirius XM also announced that it had closed the sale of $800 million of its 8.75% senior notes due 2015, while on March 12 the company announced its intention to offer $550 million of senior notes due 2015, which
Moody's said would boost Sirius' liquidity profile
as well as help remove the obstacle to a fully combined Sirius XM.
Sirius XM stock reached
above the $1 mark in mid-February,
experienced
and held steady above the $1 barrier for a few days before heading below that figure again.
Excitement over Sirius XM stock had intensified in the run-up to the company's fourth quarter earnings report, which revealed that Sirius XM had
swung to a fourth quarter profit.
Sirius XM said it expects full-year 2010 revenue roughly in line with expectations amid projections of subscriber increases.
-- Reported by Andrea Tse in New York
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