By Brandon Matthews
It’s official. As I stated Tueday morning, Sirius XM Radio (NASDAQ:SIRI) has been notified by the NASDAQ that it is in compliance with all NASDAQ listing standards. The hearing that had been scheduled for this Thursday has been canceled. The reverse split option, has also been canceled.
SIRIUS XM Radio Inc. today announced that it has been informed by NASDAQ that it is in compliance with all NASDAQ listing standards, including the minimum bid price requirement. Accordingly, the hearing, formerly scheduled for April 29, 2010, before a NASDAQ Listing Qualifications Panel to review the Company’s compliance with the minimum bid price rule has been canceled. NASDAQ has advised SIRIUS XM that it will remain listed on The NASDAQ Global Select Market.
SIRIUS XM also confirmed that, given the NASDAQ compliance determination, its board of directors will not need to consider a reverse stock split.
This should end any and all rumors that the NASDAQ may have sought a longer period of compliance. With this news, any and all delisting concerns that have hindered the company are now put to rest. This may spawn large institutional purchasing today.
The news comes in conjunction with Sirius XM’s announcement that it will report earnings on Tuesday, May 4, 2010. Expectations are positive based on the preliminary results already released by Sirius XM.
Sirius XM shares last traded at $1.17 in the after hours session.
Disclosure: Long SIRI