National Home Health gets determination letter
National Home Health Care (NHHC; Scarsdale, New York), a provider of home health care and staffing services in the Northeast, reported that it received a NASDAQ staff determination indicating that, because NHHC did not comply with marketplace rules requiring that it hold an annual shareholders meeting prior to July 31, 2007 for the fiscal year ended July 31, 2006, and distribute a proxy statement and solicit proxies for that meeting, NHHC's securities are subject to delisting from the NASDAQ National Market at the opening of business on Aug. 13.
NHHC said it intends to request a hearing before a NASDAQ Listing Qualifications panel to review the staff's determination, which request will, in accordance with NASDAQ rules, stay the delisting of NHHC's securities until the panel renders its decision and NHHC's securities will continue to be traded on the NASDAQ national market in the interim.
IsoTis SA merges into IsoTis International SA
IsoTis (Irvine, California), the orthobiologics company, said that it has concluded the squeeze-out merger of Isotis SA following an extraordinary general meeting of shareholders on July 23, 2007. As a result, ISOTIS SA has merged with and into IsoTis International SA, a wholly-owned subsidiary of IsoTis, and no longer exists as a separate legal entity. After this last step of the exchange offer, which was commenced on December 14, 2006, shares of ISOTIS SA will be delisted from SWX Swiss Exchange, Euronext Amsterdam N.V. and the Toronto Stock Exchange.
In connection with the merger, shareholders of ISOTIS SA will receive, in exchange for their IsoTis SA shares, shares of IsoTis common stock under the same conditions as shareholders who participated in the exchange offer, namely one share of IsoTis common stock for every 10 IsoTis SA shares.