Nasdaq Grants Sirius an Exception

Sirius XM’s deal with Liberty Media appears to be moving ahead as planned. This morning the company said that it has received the necessary Nasdaq approval to issue Liberty (LINTA) 12.5 million shares of Sirius (SIRI) preferred stock without shareholder approval. Normally, the company would be required to seek such approval, but because of its dire financial straits Nasdaq has lifted the requirement.