Business
Westaim to deregister its common stock in the United States
CALGARY, Oct. 20 /CNW/ - The Westaim Corporation announced today its intention to deregister and ...
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\nCALGARY, Oct. 20 /CNW/ - The Westaim Corporation announced today its\nintention to deregister and terminate its reporting obligations associated\nwith its previous Nasdaq listing under Sections 12(g) and 15(d) of the U.S.\nSecurities and Exchange Act of 1934, as amended.\n\n\nThe deregistration and termination in the United States will have no\neffect over the Company's common stock or over its shareholders. Westaim's\nshares will continue to trade on the TSX under the symbol WED. Additionally,\nthe Company does not foresee any material financial effect over its assets,\nliabilities and results.\n\n\nDuring 2007, the bid price of Westaim's common shares listed on Nasdaq\nwas below US$1.00 for longer than 180 days in contravention of Nasdaq\nMarketplace Rule 4450(a)(5) and as a result the Company's shares were delisted\nfrom the Nasdaq and suspended from trading on October 18, 2007.\n\n\nIn connection with the deregistration and termination in the United\nStates, Westaim will immediately file a Form 15F with the SEC. Upon the filing\nof Form 15F, the Company's reporting obligations under the Exchange Act will\nbe suspended immediately. These reporting obligations will be finally\nterminated after a 90-day waiting period, provided that the SEC does not raise\nobjections.\n\n\nThe Westaim Corporation's common shares are listed on The Toronto Stock\nExchange under the trading symbol WED.\n\n\nThis news release contains forward-looking statements. These statements\nare based on current expectations that are subject to risks and uncertainties,\nand Westaim can give no assurance that these expectations are correct. Various\nfactors could cause actual results to differ materially from those projected\nin such statements, including but not limited to statements regarding the\nCompany's intention to deregister and terminate its reporting obligations\nassociated with its previous Nasdaq listing, the anticipated filing of a Form\n15F with the SEC, the date of any filing, the impact of any filing on the\nCompany's reporting obligations, the effect of a filing upon the Company's\ncommon stock or its shareholders, continued trading of the Company's stock on\nthe TSX, or the effect of any termination of reporting obligations on the\nCompany's assets, liabilities and results. Westaim disclaims any intention or\nobligation to revise forwa...