Sirius XM said it will remain listed on the Nasdaq market. The satellite-radio company was informed by Nasdaq that it is in compliance with all Nasdaq listing standards, including a minimum-bid stock-price requirement of $1 per share.
As a result, Nasdaq canceled an April 29 hearing to review the company’s compliance with the minimum bid price rule.
Sirius XM also said that because it remains in compliance, its board of directors will not need to consider a reverse stock split to bring the company into compliance.
Had the hearing been held, a Nasdaq hearing panel could have given the satellite-radio broadcaster until Sept. 13 to comply with the price requirement.