It looks like Sirius XM is back in compliance with Nasdaq’s minimum bid price rule. The satellite radio company’s stock price closed Monday, July 26th at $1.02. The last day previously it had closed above a buck was July 2nd.
Sirius XM spent much of 2009 in danger of being delisted because of its low trading price, despite being one of the most heavily traded Nasdaq stocks. Although shareholders approved allowing the board of directors to do a reverse split, CEO Mel Karmazin resisted taking that action and held on for the stock price to move back up on its own.
His strategy has now been successful – twice.