By David “Newman” Phillips
There is no way to avoid it. This week, there is a going to be a PR release from Sirius XM (NASDAQ:SIRI) stating that they have received a delisting notice from the NASDAQ. As of the end of business on Monday, March 15th, Sirius XM officially ended their 180 day extension given to them by the NASDAQ to regain compliance with the Minimum Bid requirement of $1. As we all know, Sirius fell 2 days short with their run over $1 at the end of February. Below is a step-by-step description of the delisting process that Sirius XM will be going through over the next few days/weeks/months.
Either Tuesday or Wednesday, the NASDAQ will send Sirius XM an official notice that they are being delisted from the NASDAQ. By NASDAQ and SEC rules, the company must announce this delisting letter in a PR release “as promptly as possible, but not more than four business days following the receipt of the Staff Delisting Determination.” This means that you will see this PR hit the wires Thursday or Friday.
The company has 7 calendar days from the date of the delisting determination to appeal. No response from the company results in automatic delisting. Any appeal request will stay the suspension and delisting action pending the issuance of a written Panel Decision. Sirius XM would have to submit a hearing fee to the NASDAQ to cover the cost of the hearing within 15 calendar days from the date of the Staff Delisting Determination.
The Hearings Department will schedule the hearing within 45 days of the request for hearing. Sirius XM will be provided at least 10 calendar days notice of the hearing. READ THE FULL ARTICLE >>



















































