Nasdaq Hot Stocks:Sirius XM's Reverse Split That Just Won't Die

Source:fool.com
Just in case Sirius XM stock (“SIRI”) drops below the Nasdaq-minimum $1, the shareholders have just voted to extend the option of doing a reverse split of as much as 1 share-for-25.

Sirius XM Radio (Nasdaq: SIRI) CEO Mel Karmazin has said that he is not interested in executing a reverse split, now that his company is back in compliance with Nasdaq OMX Group's minimum listing requirements.

Investors may have a different idea.

Last week's shareholder meeting delivered overwhelming approval of an extension for the authorization for a reverse split. Sirius XM now has 13 months to execute the move. It would have expired at the end of this month if stockholders had voted the proxy initiative down.