By Brandon Matthews
It appears that Sirius XM Radio (Nasdaq: SIRI) CEO, Mel Karmazin has pulled off another deal of the decade, and it appears that Sirius XM will not be required to execute its shareholder approved reverse split.
Satwaves has learned that the Securities and Exchange Commission on January 29, 2010 has approved a Nasdaq motion to extend compliance periods for listed companies that fall below its minimum bid standard, up to 360 days beyond the initial 180 day notice. The newly adopted regulation now provides a maximum 18 month period for select companies to regain compliance.
On August 17, 2009, The NASDAQ Stock Market LLC filed with the Securities and Exchange Commission, pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4 thereunder, a proposed rule change to modify the length of certain compliance periods in Nasdaq’s continued listing requirements and to modify the time available for a company to provide a plan to regain compliance with certain listing requirements. The proposed rule change was published for comment in the Federal Register on September 8, 2009. The Commission received three comment letters on the proposal. On December 28, 2009 the Exchange filed a response to the comment letter. This order approves the proposed rule change.
The new rules completely overhaul the compliance listing standards and review, giving broad discretion to the Nasdaq in approving a company’s plan to regain compliance. READ THE FULL ARTICLE >>




