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SiriusXM’s Reverse Stock Split Sends Share Price Up 4.5%
SiriusXM's reverse stock split sent the share price up 4%. The split reduces the number of shares in hopes of boosting the company's 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 from its Nasdaq-100 Index last Thursday (June 13). “The 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,” says Schulhof. The 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.
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