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Sirius Eyes Reverse Stock Split
Sirius XM shareholders have been asked by the satellite radio service to approve a possible reverse stock split of the company's shares, stated a Securities and Exchange Commission filing released last week.
If the company wins shareholder approval for the stock split, Sirius XM would have until December 2009 to pursue the effort. The company's SEC filing stated that the board has the option to pursue or not pursue the reverse stock split, if shareholders approve the proposal.
Shareholders will vote on the proposal at a meeting scheduled for December.
In the filing, Sirius XM said the purpose of a reverse stock split would be to increase the per share trading value of its common stock. Since early September, the company's stock has hovered below a dollar a share.
Sirius XM shareholders have been asked by the satellite radio service to approve a possible reverse stock split of the company's shares, stated a Securities and Exchange Commission filing released last week.
If the company wins shareholder approval for the stock split, Sirius XM would have until December 2009 to pursue the effort. The company's SEC filing stated that the board has the option to pursue or not pursue the reverse stock split, if shareholders approve the proposal.
Shareholders will vote on the proposal at a meeting scheduled for December.
In the filing, Sirius XM said the purpose of a reverse stock split would be to increase the per share trading value of its common stock. Since early September, the company's stock has hovered below a dollar a share.