Delisting of SIRI

Discussion in 'SiriusXM Soundwave Cafe' started by Tgajr, Dec 9, 2008.

  1. Tgajr

    Tgajr Member

    When is this going to occur, should the stock stay under 1.00. Then what happens. Do all investors lose their money?
     
  2. jwt873

    jwt873 Member

    Due to the current economic crisis, the NASDAQ has suspended the delisting stocks that are under a buck.. They'd lose a whole pile of stock listings if they enforced the dollar rule :) I don't know how long this is supposed to last.

    The stock will still have value if it is delisted, they just won't be traded on a major exchange. SIRI stock will still be traded in what is called "over the counter" trading. The problem with OTC trading is that the stock loses the exposure that a major exchange provides.

    See this link: Over-The-Counter (OTC)
     
  3. Tgajr

    Tgajr Member

    Well

    I think I am ready to take the tax break on the loss this year. This stock wont get back to what I bought it at within 10 years.
     
  4. hexagram

    hexagram Medicinal & Recreational.

    Worldspace was delisted a month or so ago, it's now trading on the Pink Sheets.

    Currently at 0.02 with a $1 M market cap.

    I believe they will still de-list you if you fall below $50 M in market cap.
     
  5. jwt873

    jwt873 Member

    I think the NASDAQ suspended the market cap rules to some extent as well. Worldspace has filed chapter 11 papers. That might have had something to do with it.

    I dug up an article on the NASDAQ suspending the de-listing rules. It looks like it was a three month deal starting in late October.. I guess that means SIRI has to get their shares up above a buck by late January.

    Nasdaq has suspended exchange delisting rules
     
  6. IdRatherBeSkiing

    IdRatherBeSkiing Sherbert is not and never will be ice cream


    I thought they had 3-6 months after it went under $1. Since the rules are suspended I would assume that upon re-enstatement that all shares under $1 would have the same 3-6 months from point of re-enstatement to increase their value.

    I figure that the deadline will also be extended as well.
     
  7. jwt873

    jwt873 Member

    Actually, it's one month after being warned to get the stock over $1.00

    If they follow that rule, SIRI will have another month and will be delisted at the end of February... But if the NASDAQ counts the three months they suspended the delisting, then the stocks under a dollar will get zapped right away.
     
  8. Tgajr

    Tgajr Member

    Zapped?


    This stock has been zapped for sure!!!!:bigahh:
     

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