New York
– Satellite radio firm Sirius XM (NASD: SIRI) has scheduled an April 29 meeting with the
Nasdaq to lay out its plan for regaining compliance with market rules.
The
company, which has failed to meet the market’s $1 minimum price requirements
for continued listing, said it may implement a reverse stock split to boost its
share price.
The stock has traded below the $1 mark for all but a few days
since September 2008.
The Nasdaq Listings Qualification Panel may grant Sirius
XM until Sept. 13 to regain compliance.
"The company intends to take all
necessary steps to maintain the listing of its common stock on the Nasdaq
Global Select Market," Sirius XM said in a statement.
"The board of
directors intends to effect the reverse stock split only if it determines the
action to be in the best interests of stockholders."
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