FRAMINGHAM, Mass. and SYDNEY, June 12, 2013 /PRNewswire/ -- HeartWare International, Inc. (NASDAQ: HTWR - ASX:HIN), today announced that it has requested and received approval from ASX Limited for its removal from the official list of ASX. Trading in HeartWare's CHESS Depositary Interests (CDIs) will be suspended on ASX at the close of market on September 10, 2013.
HeartWare's shares of common stock are currently listed for trading on the NASDAQ Global Select Market (NASDAQ) under the symbol HTWR and HeartWare's CDIs are traded on the ASX under the code HIN. One share of HeartWare common stock is equivalent to 35 CDIs.
ASX has advised that in accordance with the Company's request, it will remove the Company from the official list of ASX with effect from the close of trading on September 17, 2013 subject to HeartWare providing a voluntary sale facility through which holders of CDIs may sell their shares of common stock on NASDAQ (as described below) and notifying CDI holders of the availability of the sale facility. HeartWare's common stock will continue to be listed on NASDAQ.
Background on decision to delist
HeartWare Limited was admitted to the official list of ASX in 2005 and was replaced as the ASX listed entity by HeartWare following its redomiciliation in the United States in 2008. Since HeartWare's listing on NASDAQ in 2009, there has been a substantial shift in the trading volume of its securities from ASX to NASDAQ, which has culminated in more than 99% of the total trading volume of HeartWare's securities occurring on NASDAQ and less than 1% of its trading volume occurring on ASX since January 1, 2013. In addition, CDIs now only represent approximately 5% of HeartWare's issued and outstanding capital with the vast majority of its ca
|SOURCE HeartWare International, Inc.|
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