Potential Sirius Delisting Postponed Until November
Sirius XM Radio caught a lucky break recently when NASDAQ added another three months to a suspension of its delisting rules. With a share price below the $1 minimum price requirement to remain listed on the exchange, the struggling satellite radio broadcaster’s delisting seemed imminent. No longer. Now that NASDAQ has extended the suspension of the $1 minimum price requirement until Monday, April 20, 2009, Sirius (SIRI) has quite a few more months to bolster its flaccid share price. Even if its shares are still trading under $1 on April 20, the company won’t receive a delisting notice until 30 days after that–May 19. Then it will have another 180 days to meet NASDAQ’s minimum price requirement. So Sirius essentially has the better part of the year to set its lands in order. If it’s to be delisted, it won’t happen until mid-November.
UPDATE: As the commenter below notes, Sirius could file for an extension in November. If it were granted, the company would then have another 180 days to meet NASDAQ’s minimum bid requirement, which would take it all the way into 2010.