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The Westaim Corporation announces receipt of NASDAQ Staff Deficiency Letter
The Westaim Corporation announces receipt of NASDAQ Staff Deficiency Letter.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, April 13 /CNW/ - The Westaim Corporation today announced that\nthe Company has received a NASDAQ Staff Deficiency Letter dated April 10, 2007\nadvising that for 30 consecutive business days the bid price of the Company's\ncommon stock listed on the NASDAQ under the symbol WEDX has closed below the\nminimum US $1.00 per share requirement for continued inclusion on NASDAQ under\nNASDAQ Marketplace Rule 4450(a)(5).\n\n\nAs a result, and in accordance with NASDAQ Marketplace Rule 4450(e)(2),\nthe Company has been given 180 calendar days, or until October 8, 2007, to\nregain compliance. If at any time before October 8, 2007 the bid price of\nWestaim's common stock closes at or above US $1.00 per share for a minimum of\n10 consecutive business days, NASDAQ will notify Westaim that compliance has\nbeen achieved. In certain circumstances, NASDAQ may require the bid price of\nWestaim's common stock to close at or above US $1.00 for up to 20 consecutive\nbusiness days before confirming compliance.\n\n\nIf Westaim does not regain compliance with NASDAQ Marketplace Rule\n4450(a)(5) by October 8, 2007, NASDAQ will provide written notification that\nWestaim's securities will be delisted from NASDAQ.\n\n\nThe Westaim Corporation intends to monitor the market value of its listed\nsecurities and consider available options in respect of its NASDAQ listing.\n\n\nThe TSX is the primary exchange on which The Westaim Corporation's common\nstock is listed. Since January 1, 2007, trading of the Company's stock on the\nTSX has represented approximately 85 per cent of total trading. Westaim's\nlisting on the TSX is not affected by the NASDAQ Staff Deficiency Letter and\nthe Company intends to maintain its TSX listing regardless of the status of\nits NASDAQ listing.\n\n\nThe Westaim Corporation's technology investments include iFire Technology\nCorp., which is developing a low-cost flat panel display technology, and a\n74.8 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST;\nTSX: NCS), which develops, manufactures and commercializes medical products\nthat fight infection and inflammation based on its nanocrystalline silver\ntechnology. Westaim's common shares are listed on The Toronto Stock Exchange\nunder the trading symbol WED and on the NASDAQ under the trading symbol WEDX.\n\n\nThis news release contains forward-looking...