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Submitted by Prescott on Thu, 12/18/2008 - 2:13pm.
Sirius (NSDQ: SIRI) Satellite Radio is asking shareholders to decide on whether the company should issue as much as 3.5 billion more shares for a reverse stock split to help pay down its crushing debt. If the board okays the plan, it would increase the amount of common stock from 4.5 to 8 billion. The board will vote on a proposal to split Sirius' common shares by a ratio between 1-for-10 to 1-for-50.
Submitted by Prescott on Mon, 11/03/2008 - 3:24pm.
Well, it was actually kind of an expected surprise...
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