On Friday March 26, 2010, 9:27 am EDT
NEW YORK (AP) -- Satellite radio operator Sirius XM Radio Inc. said Friday that it has scheduled a hearing with the Nasdaq Stock Market to gain a reprieve for its stock, which is currently less than $1 and is thus running afoul of the exchange's rules.
The exchange notified Sirius in September that it may be kicked off because its stock had closed below $1 for 30 straight days. The stock has been below $1 since September 2008, except for a brief period this February.
Sirius shares rose 1 cents to 88.3 cents in premarket trading.
At the hearing on April 29, Sirius could get until September to raise its price above $1. It could do so with a reverse stock split, trading one share for two or more outstanding ones.
"The Company intends to take all necessary steps to maintain the listing of its common stock," it said in a statement.
Latest News Table 
Subscribe to this comment's feed
