Sirius XM Radio (NASDAQ:SIRI) has come a long way since bottoming out at $0.05 a share in February.

In each of the past two trading days, the satellite-radio operator has seen its stock temporarily creep over the $0.75-a-share mark. It's an impressive 15-bagger for believers who bought in during the company's darkest hour.

It was going to be feast or famine in mid-February, when the company was short on dough as it was bumping up against the first of three major debt milestones. It was in negotiations with EchoStar (NASDAQ:SATS) and Liberty Capital Group (NASDAQ:LCAPA) to raise capital, but even the company was positioning its investors for a worst-case scenario.

"If these transactions are not consummated, it may be forced to file for bankruptcy protection as early as February 17, 2009," Sirius XM noted in a grim press release.

It also didn't help that one of its biggest partners -- and early investor in XM -- was on the ropes as General Motors turned to government bailouts before ultimately pulling into bankruptcy itself.

Liberty Capital made sure that Sirius XM would live to fight another day, but only after commanding interest rates as high as 15% and diluting shareholders to the tune of a 40% stake in the spared company through preferred stock.

The past few rewarding months have treated Sirius XM investors to improved cash flow projections and raising capital on better terms than it desperately succumbed to in February. The stock has responded, and in a major way.

Going from a nickel to three quarters isn't chump change, but Sirius XM would still love to see its share price tack on at least another quarter. If the premium radio provider can get its sticker price over a buck in the coming months, it will silence the need for a reverse stock split to avoid being delisted by Nasdaq.

Reverse splits aren't fatal. Beleaguered insurer AIG (NYSE:AIG) is trading well above its adjusted price after this summer's 1-for-20 reverse split. Coeur d'Alene Mines (NYSE:CDE) has also overcome a reverse split that the silver miner initiated three months ago. It's a zero-sum game, though Sirius XM bulls would prefer the stock to trade above a buck organically.

With momentum on its side, it's certainly possible. With so much of Sirius XM's enterprise value tagged to its debt, the market cap will always be volatile.

Can Sirius XM "buck" the trend? Do beer sales stop at the end of the third quarter?

Longtime Fool contributor Rick Munarriz is a subscriber to both Sirius and XM. He does not own shares in any of the companies in this story. He is also a member of the Rule Breakers analytical team, seeking out the next great growth stock early in its defiance. The Fool has a disclosure policy.