World Heart Corporation announced today that, on October 29, 2008, it had received a NASDAQ Staff Deficiency Letter indicating that the Company does not comply with Marketplace Rule 4310(c)(7).
This rule requires the Company to maintain a minimum of 500,000 publicly held shares for continued listing on the NASDAQ Capital Market. For purposes of this requirement, the number of publicly held shares excludes shares held by affiliates, including officers, directors, or ten percent shareholders.
The NASDAQ staff is reviewing the Company's eligibility for continued listing on the NASDAQ Capital Market and had asked the Company to provide, on or before November 21, 2008, the Company's specific plan to achieve and sustain compliance with all the NASDAQ Capital Market listing requirements, including the time frame for completion of the plan.
As has been previously disclosed, the Company intends to file a registration statement to register certain shares held by affiliates and others that were issued or are issuable in connection with the previously announced US$30 million private placement transaction and recapitalization. Once the shares to be covered by the registration statement are registered, the Company expects that sales in the open market will result in an increase in the number of publicly held shares. The Company also intends to submit a specific plan to achieve and sustain compliance with Marketplace Rule 4310(c)(7) by November 21, 2008. -- www.cnxmarketlink.com
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