World Heart Corporation announced that, on June 25, 2008, WorldHeart received a notice from the NASDAQ Stock Market stating that the Corporation does not comply with Marketplace Rule 4310(c)(7)(A).
This rule requires the Corporation to maintain a minimum market value of publicly held shares of $1,000,000. Therefore, in accordance with Marketplace Rule 4310(c)(8)(B), the Corporation will be provided 90 calendar days, or until September 23, 2008, to regain compliance. If, at any time before September 23, 2008, the MVPHS of the Corporation's common shares are $1,000,000 or more for a minimum of 10 consecutive trading days, Staff will provide a written notification that the Corporation complies with the Rule.
If compliance with this Rule cannot be demonstrated by September 23, 2008, Staff will provide a written notification that the Company's securities will be delisted. At that time, the Corporation may appeal Staff's determination to a Listing Qualifications Panel.
WorldHeart also announced that David Pellone has resigned as an employee of the Corporation, but will continue as a consultant to the Corporation until approximately September 30, 2008. As approved by WorldHeart's Board of Directors, Mr. Pellone will be acting Vice President, Finance and Chief Financial Officer during his time as a consultant. The Corporation will commence the process to find a new Chief Financial Officer to allow for a smooth transition.
The WorldHeart Board and Jal S. Jassawalla, WorldHeart's President and Chief Executive Officer, thank David for his service, especially his dedication during the recapitalization efforts recently announced. "We appreciate David's contributions and look forward to continuing to work with him during this transition period," said Mr. Jassawalla. -- www.cnxmarketlink.com
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