More positive news from Sirius XM Today. SIRIUS XM Radio announced that on June 1, 2010, XM Satellite Radio Inc. will redeem all of its outstanding 10% Senior PIK Secured Notes due 2011, CUSIP Nos. 983759AE1 and 983759AH4, at a redemption price of 100% plus accrued interest. As of the redemption date, $113,685,000 of 10% Senior PIK Secured Notes due 2011 will be outstanding. XM issued the related notice of redemption to the trustee today, who will notify noteholders of the details of the June 1 redemption.

“Our strong cash position, strong first quarter subscriber growth and the improving outlook for the economy have put us in position to retire these notes a year ahead of schedule,” said David Frear, Executive Vice President and Chief Financial Officer of SIRIUS XM. “The early retirement of these notes will reduce interest expense and increase our free cash flow.”

This announcement is neither an offer to sell nor a solicitation to buy any of these securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.

SIRIUS XM announced that The NASDAQ Stock Market has scheduled a hearing on April 29, 2010, at which the Company will be afforded the opportunity to request continued listing on The NASDAQ Global Select Market pending its return to compliance with NASDAQ’s $1.00 per share bid price requirement.

The hearing before a NASDAQ Listing Qualifications Panel stays all action by NASDAQ. Under NASDAQ’s current Listing Rules, the Panel may grant the Company up to an additional 180 days from the date of the staff’s most recent notification of non-compliance, or through September 13, 2010, to comply with the NASDAQ bid price requirement. The Company does not expect to receive a written decision of the Panel for up to 45 days following the hearing.

The Company intends to take all necessary steps to maintain the listing of its common stock on The NASDAQ Global Select Market. The Company’s stockholders have granted the Company’s board of directors the discretion to effect a reverse stock split, which would bring the Company into compliance with the NASDAQ bid price requirement. While the authority granted to the board expires on June 30, 2010, the Company will seek approval from stockholders at its upcoming annual meeting to extend that authority through June 30, 2011. The board of directors intends to effect the reverse stock split only if it determines the action to be in the best interests of stockholders.

SIRIUS XM Radio announced today that it received notice from the Nasdaq Stock Market on September 15, 2009 that its common stock had closed below $1.00 per share for 30 consecutive business days and is therefore not in compliance with the Nasdaq Marketplace Rule 5450(a)(1). In accordance with Marketplace Rule 5810(c)(3)(A), SIRIUS XM may regain compliance if at any time by March 15, 2010 its common stock closes at or above $1.00 for 10 consecutive business days.

The Company intends to maintain the listing of its common stock on Nasdaq and will consider available options if its common stock does not trade at a level likely to result in compliance with Nasdaq’s minimum bid price requirement by March 15, 2010. This notification was expected given the reinstitution of Nasdaq Marketplace Rule 5450(a)(1) on August 3, 2009 and has no effect on the listing of SIRIUS XM’s common stock at this time.

In May 2009, the Company’s stockholders approved an amendment to its certificate of incorporation to effect a reverse stock split at a ratio of not less than one-for-ten and not more than one-for-fifty. The Company’s board of directors has authority to select an exchange ratio within the approved range at any time prior to June 30, 2010. The board of directors intends to effect the reverse stock split only if it determines the reverse split to be in the best interests of stockholders. Such a reverse split would put the company in compliance with the Nasdaq bid price requirement.