CALGARY, Oct. 9 /PRNewswire-FirstCall/ -- The Westaim Corporation today received notice from NASDAQ, by way of a Determination Letter for Bid Price, that the Company's shares will be delisted from The Nasdaq Global Market and suspended from trading at the opening of business on October 18, 2007.
On April 10, 2007, Westaim received a Nasdaq Staff Deficiency Letter advising that for 30 consecutive business days the bid price of the Company's common stock listed on NASDAQ had closed below US$1.00, in contravention of Nasdaq Marketplace Rule 4450(a)(5). The Staff Deficiency Letter gave Westaim 180 calendar days to regain compliance, which could have been achieved if at any time prior to October 8, 2007 the bid price closed at or above US$1.00 per share for a minimum of ten consecutive business days. The Company did not regain compliance with the bid price requirement.
Over the past 12 months, more than 80 percent of the trading in Westaim's shares by volume has occurred on the Toronto Stock Exchange (TSX). Westaim has no intention of contesting the suspension of its shares by NASDAQ; therefore from October 18, 2007 the Company's shares will no longer trade on NASDAQ. Westaim's shares will continue to trade on the TSX under the symbol WED.
The Westaim Corporation's technology investments include iFire Technology Corp., which is developing a low-cost flat panel display technology, and a 74.8 per cent interest in NUCRYST Pharmaceuticals Corp. (NASDAQ: NCST; TSX; NCS), which develops, manufactures and commercializes medical products that fight infection and inflammation based on its nanocrystalline silver technology. Westaim's common shares are listed on The Toronto Stock Exchange under the trading symbol WED. DATASOURCE: Westaim Corporation CONTACT: David Wills, Investor Relations, (416) 504-8464,
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