OAKLAND, Calif., Oct. 29 /CNW/ -- (Nasdaq: WHRTD) -- World Heart
Corporation (WorldHeart or the Company), effected a reverse stock split of
30-to-1 after filing of articles of amendment with Industry Canada under the
Canada Business Corporations Act and commenced trading on the NASDAQ Capital
Market on a post-consolidation basis on October 28, 2008. The Corporation's
shareholders approved the proposal for a reverse stock split at a Special
Meeting of Shareholders held on October 9, 2008 and the Board of Directors
determined to implement the reverse stock split at a 30-to-1 ratio. Completion
of the reverse split is intended to allow WorldHeart to keep its listing on
the NASDAQ Capital Market, subject to continued compliance with all of the
other listing requirements.
The Company's common shares began trading on the NASDAQ Capital Market on
a post-consolidation basis (every thirty common shares of WorldHeart combined
into one common share) as of the opening of trading on October 28, 2008 under
the symbol "WHRTD" and under a new CUSIP number 980905400. The symbol "WHRTD"
will remain in effect until November 25, 2008 and subsequently will resume
trading under the symbol "WHRT". The reverse stock split will not affect the
ownership of option and warrant holders. Upon the exercise of any options or
warrants, resulting shares issued will be issued on a post-consolidation
basis. No scrip or fractional certificates will be issued in connection with
the reverse stock split. Shareholders who otherwise would be entitled to
receive fractional shares because they hold a number of common shares not
evenly divisible by thirty will not be entitled to cash compensation and such
holders will lose any entitlement to such fractional shares upon surrender of
certificate(s) representing such shares.
Registered shareholders of WorldHeart who hold existing physical stock
certificates will receive a letter of transmittal from WorldHeart's transfer
agent, CIBC Mellon Trust Company, containing instructions on how to receive
new share certificates. Shareholders whose certificates are held in "street
name" or on deposit with their brokerage firm will need to take no further
About World Heart Corporation
WorldHeart is a developer of mechanical circulatory support systems.
WorldHeart is headquartered in Oakland, California, USA with additional
facilities in Salt Lake City, Utah and Herkenbosch, The Netherlands.
WorldHeart's registered office is in 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 all statements regarding WorldHeart'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:
WorldHeart's need for additional capital in the future; risks in product
development and market acceptance of and demand for WorldHeart'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 WorldHeart's filings with the
U.S. Securities and Exchange Commission, including without limitation its
Annual Report on Form 10-KSB/A for the year ended December 31, 2007 and its
Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2008 and its
Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.
For further information:
For further information: Mr. David Pellone, +1-510-563-4775, or Ms.
Peggy Allman, +1-510-563-4721, both of World Heart Corporation Web Site: