As expected, Sirius XM (SIRI) shareholders have approved the reverse stock split proposed at today’s shareholder meeting.
Sirius can now perform a reverse split of 10-to-1 to 50-to-1 shares any time before the end of next year. Sirius shares are trading at $0.14 today, and need to beat $1 before mid-January, or Nasdaq could de-list them.
This, of course, doesn’t solve Sirius’ bigger problem: Slowing growth — made worse by the caving U.S. auto industry, where Sirius gets most of its new subscribers — and increasing competition.
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