SiriusXM amends merger exchange ratio to 1-for-10; expects Q3 2024 closing

SIRIUS XM HOLDINGS INC.

Existing SiriusXM shareholders receive 1 New Sirius share per 10 shares held; fractional shares cashed out.
Amendments reduce outstanding New Sirius shares by 90% via revised exchange ratios to preserve economics.
Sirius XM Radio Inc. to convert to a Delaware LLC prior to closing, subject to Communications Act approval.
Liberty Media's majority stockholder consent approved amendments; no SiriusXM stockholder meeting required.
Closing remains targeted for third quarter 2024; parties working diligently to complete Transactions.

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