NYSE Regulation, Inc. announced that the common shares of Zarlink Semiconductor Inc., ticker symbol ZL, on the New York Stock Exchange should be suspended prior to the opening on Tuesday, July 29, 2008.
Zarlink Semiconductor Inc. has advised the NYSE that its common shares will continue to be traded on The Toronto Stock Exchange where such shares have been listed since August 13, 1979.
The decision was reached in view of the fact that the Company has fallen below the NYSE’s continued listing standard regarding average share price over a consecutive 30 trading-day period of not less than $1.00.
The Company effected an action plan to address non-compliance with NYSE’s continued listing standards. However, after the elapsing of the prescribed time the continued listing standard was not met and the NYSE decided to proceed with suspension and delisting.
The Company has advised NYSE Regulation that it will not challenge the action. Application to the Securities and Exchange Commission to delist the issue is pending the completion of applicable procedures. The NYSE noted that it may, at any time, suspend a security if it believes that continued dealings in the security on the NYSE are not advisable. -- www.nyse.com
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