Sirius XM intends to fight possible de-listing by the market on which its stock is traded.
To remain on the Nasdaq Global Select Market, a company’s stock price must remain at or above $1 for a stipulated period. The satcaster received a letter Monday warning that the company has not complied with that rule. The price range for the past year is 22 cents to $1.18.
Sirius said it will ask for a hearing before a listing qualifications panel and seek continued listing pending its return to compliance.
“Sirius XM is one of the most liquid securities on The Nasdaq Global Select Market. We are committed to remaining listed,” stated Sirius XM CEO Mel Karmazin.
Nasdaq announced that the company’s common stock will be added to the Nasdaq Q-50 Index on March 22. The Q-50 Index tracks the performance of the 50 securities that are next in line to replace the securities currently included in the Nasdaq-100 Index.