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Nasdaq to Sirius XM: Stock Price Is Too Low

Satellite firm says it intends to comply by March deadline

The Nasdaq Stock Market warned Sirius XM this week it needs to get its stock price up.

The satcaster received a letter from Nasdaq on Sept. 15 saying the company’s common stock had closed below $1 per share for 30 straight business days.

That’s a violation of Nasdaq’s listing requirements, which had previously been suspended to give radio companies some breathing room.

The warning was expected. Sirius XM says it intends to comply with the minimum bid price requirement by the March 15, 2010 deadline.