Remember tomorrow's showdown between Sirius XM Radio (Nasdaq: SIRI) and NASDAQ OMX Group (Nasdaq: NDAQ)?

It's not going to happen.

The satellite radio giant closed with a bid of $1 or higher for its tenth consecutive trading day yesterday, placing Sirius XM back in compliance with all of the exchange's listing requirements.

It's just as well, since there was no way that NASDAQ was going to boot one of its most popular stocks.

This would probably be a good time for the exchange to revisit its listing requirements, incorporating market cap into the mix. Sirius XM has a whopping 6.5 billion shares outstanding once we factor in Liberty Capital's (Nasdaq: LCAPA) 40% preferred stake. There is no way that the company can be considered too small to trade on NASDAQ if it had a market cap of $6 billion. 

Naturally, Sirius XM is an exception to most stocks that have spent most of the past year languishing below the $1 mark. There are no stateside stocks with market caps greater than $1 billion trading below $1 these days. There are only two companies -- YRC Worldwide (Nasdaq: YRCW) at $776 million and Flagstar Bancorp (NYSE: FBC) at $750 million -- with market caps greater than $500 million trading to the right of the decimal.

However, neither company commands the kind of brisk trading volume as Sirius XM. If any company could have forced the exchange into revising its requirements it would have been the satrad star.

Will we live through this again? Right now, it doesn't seem likely. Sirius XM would have to fall below the $1 mark and stay there for several months. The stock's historically volatile, so let's not write off the possibility of a slip beneath the buck. However, it would take souring fundamentals to keep the shares submerged for long stretches of time, and that's just not happening these days. Sirius XM has rattled off three consecutive quarters of net subscriber additions. It is now trending profitable, with positive cash flow to boot.

Unless the stock or auto market craters, Sirius XM will have little reason to meet with NASDAQ to discuss its flawed compliance policy.

Will Sirius XM stay above the $1 for keeps now? Share your thoughts in the comment box below.