From The Associated Press:
(AP) – Satellite radio operator Sirius XM Radio Inc. said Thursday it has received a second notice that it may be kicked off the Nasdaq exchange.
The company was notified in September that its share price had closed below $1 for 30 consecutive days, which violates Nasdaq policy.
The company’s stock have since recovered, but remain below 90 cents per share. In pre-market trading, shares dipped more than 1% to 88 cents.
The company said last month it managed to earn a small profit in the fourth quarter after a year of losses.
Shares hovered above $1 mark for more than a week following the earnings report.
In a statement Thursday, the company said it will request a hearing with Nasdaq’s listings qualifications panel to ask that its shares remain listed while it tries to bring the price up.
“We are committed to remaining listed on The Nasdaq Global Select Market,” Chief Executive Mel Karmazin said in a statement.
The company’s board has approved a reverse stock split, which could raise prices, but Sirius said it will proceed only if it is in the best interest of its stockholders.
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