Sirius XM and Spanish Broadcasting System both passed an important milestone when the stock market closing bell rang on Tuesday. Both closed above a buck for the 10th straight session.
Both companies had faced potential delisting for failing to meet Nasdaq’s minimum bid requirement. Both had also gotten majority shareholder consent for their board of directors to order a reverse split to achieve compliance with that $1 minimum requirement. That, however, will not be necessary.
SBS and Sirius XM had both moved above $1 at the close on April 14th, so April 27th was the target for achieving 10 straight days above a buck. At the closing bell on Tuesday, SBS was at $1.60 and Sirius XM at $1.15. No more worries.