Navigation Links
WorldHeart Announces Possible Delisting Action by NASDAQ
Date:5/15/2008

OAKLAND, Calif., May 15 /PRNewswire-FirstCall/ -- (Nasdaq: WHRT, TSX: WHT) World Heart Corporation (the "Company") today announced that, on May 12, 2008, it had received a NASDAQ Staff Determination Letter stating that the Company's requests for continued listing on The NASDAQ Capital Market has been denied. The NASDAQ noted that the Company did not provide a definitive plan evidencing its ability to achieve near term compliance with the continued listing requirements or sustain such compliance over an extended period of time, as required by Marketplace Rule 4310(c)(4) (the "Minimum Bid Price Rule") and Marketplace Rule 4310(c)(3), which requires the Company to have a minimum of $2.5 million in stockholders' equity or $35 million market value of listed securities or $500,000 of net income from continuing operations for the most recently completed fiscal year or two of the three most recently completed fiscal years. Accordingly, unless the Company requests an appeal of this determination, trading of the Company's common stock will be suspended at the opening of business on May 21, 2008, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC") which will remove the Company's securities from listing and registration on The NASDAQ Stock Market.

The Company may appeal Staff's determination to a NASDAQ Listing Qualifications Panel (the "Panel"), pursuant to the procedures set forth in the NASDAQ Marketplace Rule 4800 Series. A hearing request will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. The request for a hearing, which may either be an oral hearing or a hearing based solely on written submissions, must be received by the Hearings Department no later than 4:00 P.M. Eastern Time on May 19, 2008. If the Company appeals, the Company must also address its failure to comply with the $1 million minimum market value requirement for its publicly held shares ("MVPHS"), as required by Marketplace Rule 4310(c)(7) for continued listing on the NASDAQ Capital Market. As of May 9, 2008, the MVPHS of the Company totaled $857,242.

If the Company does not appeal Staff's determination to the Panel, the Company's securities will not be immediately eligible to trade on the OTC Bulletin Board or in the "Pink Sheets." The securities may become eligible if a market maker makes application to register in and quote the security in accordance with SEC Rule 15c2-11, and such application (a "Form 211") is cleared. Only a market maker, not the Company, may file a Form 211.

About World Heart Corporation

WorldHeart is a developer of mechanical circulatory support systems. The Company is headquartered in Oakland, California, USA with additional facilities in Salt Lake City, Utah and Herkenbosch, Netherlands. WorldHeart's registered office is Ottawa, Ontario, Canada.

Any forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include any statements regarding the Company's ability to regain compliance with the NASDAQ Capital Market listing requirements, as well as other statements that can be identified by the use of forward-looking language, such as "believes," "feels," "expects," "may," "will," "should," "seeks," "plans," "anticipates," or "intends" or the negative of those terms, or by discussions of strategy or intentions. Investors are cautioned that all forward-looking statements involve risk and uncertainties, including without limitation: the Company's immediate need for additional capital, risks in product development and market acceptance of and demand for the Company's products; delisting from the NASDAQ Stock Market if compliance with the listing standards, including the Minimum Bid Price Rule and other minimum standards, is not regained; and other risks detailed in the Corporation's filings with the U.S. Securities and Exchange Commission, including without limitation its Annual Report on Form 10-KSB for the year ended December 31, 2007.


'/>"/>
SOURCE World Heart Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. WorldHeart Notified of TSX Delisting Review
2. WorldHeart Appoints David Pellone Chief Financial Officer
3. Mergent, Inc. Announces Changes to the HealthShares(TM) Composite Index, Dermatology and Wound Care Index and Orthopedic Repair Index - Correction
4. Perot Systems Announces the Launch of Xcelys(TM) 5.0 Software
5. Duane Reade Announces Proud Sponsorship of AIDS Walk New York
6. Summit VetPharm Announces Grand Prize and March Winner in its Great Vectra 3D(TM) $125,000 Giveaway
7. The Canary Foundation Announces Its Fourth Annual Early Detection Symposium
8. Sharps Compliance Corp. Announces Results for Third Quarter of Fiscal Year 2008
9. Human Pheromone Sciences Announces First Quarter Results
10. CardioDynamics Announces Significant ICG Study with Nearly Three Times the National Average Blood Pressure Control Rates at the American Society for Hypertension Annual Scientific Meeting
11. The Quantum Group Announces Web-Based Portal for Physicians
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/25/2017)... ... 2017 , ... Norland at Swissray is pleased to announce the release of the ... ELITE DXA has an active scan window, which is more than double that of existing ... scan area could not undergo an accurate total body bone density or body composition study. ...
(Date:3/24/2017)... New York, NY (PRWEB) , ... March 24, ... ... a global scale; from third world countries to hospitals in the United States, ... sparks a conversation on the current obstacles facing infection prevention and offers strategies ...
(Date:3/24/2017)... ... March 24, 2017 , ... Texas Physical Therapy Specialists (TexPTS) is pleased ... Huebner Road. The clinic is the group’s 7th location in San Antonio and 23rd ... PT, will provide care from the clinic, which opened March 22, 2017. ...
(Date:3/24/2017)... ... March 24, 2017 , ... ... its innovative EcoQube Frame vertical micro-veggies garden on Kickstarter . Surpassing the ... product – with nearly 2,000 consumers (and counting) already backing the campaign. ...
(Date:3/24/2017)... Westchester County, NY (PRWEB) , ... March 24, 2017 , ... ... in Somers and White Plains, N.Y., is pleased to announce Westchester resident Lauren C. ... as a law clerk for the firm, will concentrate her practice in elder law, ...
Breaking Medicine News(10 mins):
(Date:3/23/2017)... in St. Joseph, Missouri , has selected AccuReg to help standardize ... 22 cities, and its flagship St. Joseph Medical Center. Mosaic Life Care ... to its patients, including the insurance, billing and collections processes. ... ... Joseph Medical Center ...
(Date:3/23/2017)... , March 23, 2017  Transportation Insight, a multi-modal ... end-to-end supply chain management firm with expertise serving clients ... Solutions Rick Zaffarano was named a 2017 ... Supply Chain by the only publication exclusively dedicated to ... supply chain. "Rick has brought to Transportation ...
(Date:3/23/2017)... -- As a result of diagnostic technology increasing ... allergic diseases, cutting edge developments in targeted drugs ... in which pharmaceutical and biotech companies are addressing ... both a high quality meeting and a platform ... research scholars and doctors. The event will also ...
Breaking Medicine Technology: