Sirius says it now complies with Nasdaq rules

AP News
Posted: Nov 16, 2009 12:10 PM

Satellite radio provider Sirius XM Radio Inc. said Monday it's been notified it now complies with the Nasdaq's independent director and audit committee requirements.

Sirius had been notified by the Nasdaq on July 9 that it didn't comply with the requirements in order to stay listed after one of its independent directors resigned.

Now, after the resignation of Gary Parsons as chairman and director, independent directors under the Nasdaq rules now constitute a majority of the company's board, Sirius said.

Parsons founded XM Satellite Radio and was its chairman before the company's merger with Sirius.

Shares fell 1 cents, or 2 percent, to about 66 cents in midday trading.