This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.
SIRIUS XM Radio (NASDAQ: SIRI) has announced the receipt of an official notification from NASDAQ that it is outside of NASDAQ compliance rules. This is not over its low price, this one is over the “independent director requirement.” If you see what SIRIUS XM claims, you might ask just how many directors are needed even for the biggest cult stock in the media world.
SIRIUS noted that its June 23 SEC Filing showed that Jeffrey Zients resigned as a director as he was required to step down since being confirmed by the United States Senate as Deputy Director for Management, Office of Management and Budget, of the United States.
Interestingly enough, SIRIUS says it currently has fourteen directors. The company says that it deems seven of the fourteen to be “independent directors” as defined under the NASDAQ Listing Rules.
The company says that it will comply with the independent director requirement “prior to the earlier of its next annual stockholders’ meeting or June 22, 2010.”
SIRIUS XM closed up 1.6% at $0.4077 today, and shares are down almost 2% on thin after-hours volume by about the same amount it gained.
JON C. OGG
JULY 16, 2009
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.