After suffering from a prolonged bout of sub-dollar pricing on the Nasdaq stock exchange, Sirius XM was put on notice that it had to surface above that level for tens days in a row, within 180 days, or face delisting. After just about a month, it’s on track to do just that.
Upon news of a strong, 171K pick-up in paid subscribers, the stock poked its head over the dollar level at market closing 4/14/10 and has remained there through the week. It closed at $1.08 on Friday afternoon.
So that’s three trading days down, seven trading days to go. The target date to get back in line with Nasdaq requirements is 4/27/10.
The end of the 180-day period is 9/13/10, should the stock slip back below a dollar before the 27th.