CALGARY, Oct. 9 /CNW/ - 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.
For further information:
For further information: David Wills, Investor Relations, (416)