Sirius XM gets delisting notice from Nasdaq - Orbitcast

Sirius XM gets delisting notice from Nasdaq

| 19 Comments
Mel Karmazin
Sirius XM Radio Inc. has received a notice of de-listing from the Nasdaq stating that it is not in compliance with the $1.00 minimum closing bid price requirement for continued listing on the exchange, the company said late Wednesday.

"We are committed to remaining listed on The NASDAQ Global Select Market," said Mel Karmazin in a statement.
Sirius XM said it will request a hearing before a Nasdaq Listing Qualifications Panel to ask for continued listing pending its return to compliance.

"Sirius XM is one of the most liquid securities on The Nasdaq Global Select Market," added Karmazin. "We have a large investor base consisting of both individual and prominent institutional stockholders; and our equity capitalization is greater than approximately 92% of the companies listed on The Nasdaq Global Select Market."

Over the weekend, the Nasdaq OMX Group announced that Sirius XM's common stock will be added to the Nasdaq Q-50 Index effective with the market open on Monday, March 22nd. A move that The Motley Fool's Rick Aristotle Munarriz points out wouldn't make any sense if the Nasdaq actually intended on de-listing Sirius XM.

The Q-50 Index is designed to track the performance of the fifty securities that are next in line to replace the securities currently included in the Nasdaq-100 Index.

Sirius XM said it intends to take all necessary steps to maintain the listing of its common stock on The Nasdaq Global Select Market.

On its earnings call last month, Karmazin said, "There is absolutely no concern about Sirius XM continuing to be listed and traded on Nasdaq and if successful in meeting Nasdaq's dollar bid requirement, we have no plans to execute a reverse split," he said.

Sirius XM's board of directors have been granted the discretion to effect a reverse stock split, but has said it intends to effect the reverse stock split only if it determines the action to be in the best interests of stockholders.

As a result of requesting the hearing, the company says the Nasdaq staff's letter has no effect on the listing of Sirius XM's common stock at this time.

[Press Release]

19 Comments

Next thing you know this sinking ship will be listed on PennyStockChaser. Maybe they will get a deal on the listing fee since they run those awful ads on their channels. Yuck.

It's time for EVERYONE from consumers, to the automakers, to the FCC to wake up and finally decide this turd known as sat radio is a complete dead end. It was a dead end before Mel and his desperate merge monopoly scheme. Mel just quickened the pace of the bottom falling out. SInce before (XM) September 25, 2001 and before (Sirius) July 1, 2002 neither company has made a dime. Stick a fork in this bird because it's over done. Anyone putting money into this turd is throwing money away.

It's all over now...... Back to good old, local, AM/FM and new internet radio, all cost effective options to broadcasting radio.

It appears "My Oh My" is on the NAB payroll. What a worthless cunt!

FM is done. If satellite doesn't make it the big question I have is where do all of the comedy talk radio hosts wind up? Combination of smart phones and internet radio like Pandora and Slacker are going to be where people get their music fixes from. It'll be a shame if satellite doesn't pull through because there could be a place for it if it is handled right.

Hopefully this means that the Sirius/XM fiasco finally comes to an end, and those Boeing birds in orbit can be re-deployed into something productive and profitable such as data services...

I would like to see Sirius XM's programming improve, but you can't torture every scrap of information into an argument that every bad thing ever said about the company is true. This is an automatic notification that took place as a result of the stock price not meeting a predetermined criteria. They'll probably do the reverse split if there's no other way to avoid being de-listed.

It appears "Not njCLOWNbo" has no education nor even the most basic common sense. Typical siriusxm troll!

siriusxm is just about over....

Where are all those god-awful XM stock owners now? Probably busy slamming the "SELL" button on their eTrade accounts as quickly as they can.

what about the ppl you are putting out of a job? you guys just like to complain. Maybe if you talked to customer service with respect instead of demanding things then maybe ppl would get somewhere. Sirius is not going anythere

You have a point, and I don't want to see anyone lose his or her job. But I also think of the XM employees, many of them highly talented, that this company unceremoniously axed when it took over. The people running Sirius XM don't care much about their customers, and, sadly, that's not very good for employees, either.

I have never had issues with XM's customer service......that is until Sirius took them over. I have had "managers" and "supervisors" lie to me on the phone a handful of times already. the only thing keeping my subscription going is my wife. If she didn't listen to it at work, I would've shut it down last year when I cancelled my family plan subscription.

we can go on and on about the programming..but quite frankly, one of the things you would hear about sat rad was that you can go on a long trip across the country and not have to change the channel. You can't do that now because there is so much repetition on the music channels.

Mel can go screw.

Stick that fork in, cuz this turkey known as siriusxm is DONE.

xcountry,

You are preaching to the choir my friend.

We have talked about this many times before.

XM Radio had talented people behind it with a vision for what satellite radio should have been all about and for a while -- just a short while -- that vision became a reality. XM was all about being original and doing everything opposite of what FM radio was doing. The DJs were encouraged to be creative with their playlists and repetition was frowned upon. It was as if the gates of creativity had been opened and there was a huge playground for everyone at XM to play in.

All of that came to a screeching halt when Sirius took over. The people behind that service are old FM people with the philosophy that people only want to hear familiar music repeated over and over again. Instead of giving people a reason to switch from FM radio they just reinvented it on satellite.

Indeed. My attitude toward Sirius right now, and that's really what it should be called, since XM is gone, is that I keep my foot in the door because there's some stuff that's worth $15 a month. I used to spend almost $40 for four radios (now it'd be $50) and was glad to pay it, but my level of listening to satellite radio at this point does not justify multiple radios.

Do I want to see Sirius go belly up? No, because I know there are a lot of innocent employees who are not responsible for the degradation of this service who'd be hurt, especially in this economy. But I continue to hope that a spirit of progressiveness and innovation will somehow be reawakened here that will elevate satellite radio to a service that again inspires devoted fans.

xcountry,

Since the merger, the Sirius channels have changed as well and not for the better. There's more jabber from the DJs, the play lists are completely different, and its just not as "fun" as it used to be. It seems that Mel is running this company based on focus groups, surveys, generalized opinions and other research mechanisms in an effort to scientifically design the right radio company. It won't work. Sirius and XM were once great because they were run from the heart, not charts, graphs and spreadsheets.

NJRonbo,

You are generally correct in your many posts but I would like to make one correction about this remark above:

All of that [creativity, et al] came to a screeching halt when Sirius took over.

While that is technically true, the braking began long before that, in 2005, shortly after the arrival of the FM-chromosomed Jon Zellner.

Carry on.

"...the braking began long before that, in 2005, shortly after the arrival of the FM-chromosomed Jon Zellner."


You are correct. My bad. How could I forget about Jon Zellner. He destroyed XM radio shortly before the merger.

Zellner was a huge problem. He came to XM, totally revamped the channel lineup and cut the music playlists to the bare bone. I will say this about Zellner -- he did answer phone calls and emails. He received many angry complaints from subscribers. I heard that he was fielding many complaints. He and I went back and forth a few times. Problem was, he led subscribers to believe that he would address the problems he created -- but actually never did.

To comments on xCountry's post above...

I agree. The essential problem with satellite radio is the fact that it is run by advisors who feel that when you turn on the radio you should only hear familiar songs during a short commute. This is why the same 500 songs are played over and over again on the decades channels.

Top that off with placing an amateur "Morning Mashup" on a popular music channel and you have everything that drove people away from FM radio. Shouldn't satellite radio be something different and unique?

What about the ppl you are putting out of a job? you guys just like to complain. Maybe if you talked to customer service with respect instead of demanding things then maybe ppl would get somewhere.

FM is done. If satellite doesn't make it the big question I have is where do all of the comedy talk radio hosts wind up? Combination of smart phones and internet radio like Pandora and Slacker are going to be where people get their music fixes from. It'll be a shame if satellite doesn't pull through because there could be a place for it if it is handled right.