Sirius To Offer 73M Shares of Common Stock
New York-based Sirius Satellite Radio [Nasdaq: SIRI] announced Wednesday an offering of close to 73.2 million shares of common stock. On the day of the announcement, Sirius stock was trading at around $2.00 per share at SATELLITE TODAY’s press time. The offering, underwritten by UBS Securities, is expected to close Nov. 24. Sirius said it intends to use the net proceeds of the offering for general corporate purposes, including investments in programming and retail and automotive distribution.