Satellite radio provider, Sirius XM radio has reached the $1 mark, after much struggle. The landmark quiets discussion concerning the possibility of a delisting, though the threat remains for Sirius if they fail to maintain levels for 10 straight days.
The new level also provides a sense of safety to institutional investors who are likely to pursue the stock more heavily and contribute to preserving and pushing up the current price.
Sirius has been challenged by its own debt and bankruptcy since it’s beginning, even having to be bailed out by Liberty Media a year ago. At present, Liberty should be awarded 15 cents for every cent made by Sirius. Even now that it has been stabilized and topped $1 many investors still distrust the company, both for the questionable longevity of its format and the sizable debt load it has been building.
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