Sirius XM Radio is likely to seek more time from NASDAQ to address its penny stock price after the satcaster did not meet Monday's deadline to prop up its shares above $1 in order to retain its listing. Shares of Sirius have risen by more than 50 percent this year, but the company has not met a Nasdaq market requirement that its stock close above $1 a share for 10 days in a row by March 15, according to a Reuters report. Sirius XM said last month that if it received a de-listing notice, it would appeal and seek a six-month extension.

Barrington Research analyst James Goss said that Sirius is far bigger than its stock price suggests, noting that it raised $800 million through a senior notes offering to refinance a portion of its long-term debt. "There is some appetite for the securities of this company," he told Reuters. "Therefore, it's seemingly ridiculous to think that they would be de-listed because of the price per share, when the enterprise value is effectively in the $10 billion ballpark."

Sirius Chief Executive Mel Karmazin has previously said he was confident that no de-listing would occur. On a conference call last month, Karmazin said, "There is absolutely no concern about Sirius XM continuing to be listed and traded on Nasdaq, and if successful in meeting Nasdaq's dollar bid requirement, we have no plans to execute a reverse split," he said.