{"id":88282,"date":"2024-06-18T18:04:46","date_gmt":"2024-06-18T22:04:46","guid":{"rendered":"https:\/\/www.cyberlego.com\/web\/2024\/06\/18\/siriusxms-reverse-stock-split-sends-share-price-up-4-5\/"},"modified":"2024-06-18T18:04:46","modified_gmt":"2024-06-18T22:04:46","slug":"siriusxms-reverse-stock-split-sends-share-price-up-4-5","status":"publish","type":"post","link":"https:\/\/www.cyberlego.com\/web\/2024\/06\/18\/siriusxms-reverse-stock-split-sends-share-price-up-4-5\/","title":{"rendered":"SiriusXM\u2019s Reverse Stock Split Sends Share Price Up\u00a04.5%"},"content":{"rendered":"

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\n\tSirius XM Holdings announced a 1-for-10 reverse stock split for its shareholders when it merges with Liberty Media\u2019s SiriusXM Group tracking stock later this year, sending the streaming and satellite radio company\u2019s stock up 4.5% on Tuesday (June 18). <\/p>\n

\n\tThe stock split, which was announced in a filing on Sunday (June 16), is meant to reduce the overall share count and boost SiriusXM\u2019s stock price. The Nasdaq-listed company has seen its stock price fall by more than 65% from a 52-week high of $7.95, leading the Nasdaq to drop SiriusXM<\/a> from its Nasdaq-100 Index last Thursday (June 13). <\/p>\n

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\t\t\t\t\t\t\"SiriusXM\"<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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\t\t\t\t\tSiriusXM Agrees to Merge Stock With Liberty Media’s Tracking\u00a0Stock\t\t<\/p>\n<\/h3><\/div>\n

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\n\tThe stock split and the combination of the two publicly listed companies into a new SiriusXM stock \u2014 a deal expected to close in the third quarter \u2014 are financial wranglings aimed at improving value for investors, executives have said. <\/p>\n

\n\tSiriusXM is attempting to gain a foothold in the streaming market with the rollout of its new phone-based streaming app<\/a>, which executives say offers up a wider range of tailored content for users. The app is also an attempt to reduce the company\u2019s reliance on customers subscribing through their vehicles. <\/p>\n

\n\tInvestments in the app, however, were costly, and SiriusXM has announced two separate rounds of layoffs<\/a> over roughly the past year. <\/p>\n

\n\tThe stock split should help reduce the dilution that resulted from the company issuing stock to raise money, says David Schulhof,<\/strong> founder of the music company exchange-traded fund MUSQ<\/strong>.<\/a><\/p>\n

\n\t\u201cThe company has faced some headwinds in the ad and auto markets and they also raised a lot of money to roll out their music streaming service to compete with the likes of Spotify,\u201d says Schulhof.<\/p>\n

\n\t\u201cBut that is really where they should go,\u201d he adds. \u201cWith 87% of all music consumption dominated by streaming, they really needed to figure out a streaming strategy quickly.\u201d<\/p>\n

\n\tThe company is hopeful that the revamped app, which launched in December and costs $9.99 per month, will attract new subscribers and drive revenue growth.<\/p>\n<\/div>\n<\/div>\n

Aller \u00e0 la source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sirius XM Holdings announced a 1-for-10 reverse stock split for its shareholders when it merges with Liberty Media\u2019s SiriusXM Group tracking stock later this year, sending the streaming and satellite radio company\u2019s stock up 4.5% on Tuesday (June 18). The stock split, which was announced in a filing on Sunday (June 16), is meant to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-88282","post","type-post","status-publish","format-standard","hentry","category-musique","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"_links":{"self":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/88282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/comments?post=88282"}],"version-history":[{"count":0,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/posts\/88282\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/media?parent=88282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/categories?post=88282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cyberlego.com\/web\/wp-json\/wp\/v2\/tags?post=88282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}