WorldHeart (Oakland, California) on Nov. 20 received a notice from the Listing Qualifications Department of The Nasdaq Stock Market indicating that its stockholders' equity does not comply with the minimum $10,000,000 stockholders' equity requirement for continued listing on.
Nasdaq said it is reviewing its eligibility for continued listing on The Nasdaq Global Market and on or before Dec. 5 will provide a plan to achieve and sustain compliance with Nasdaq Global Market requirements.
On Nov. 14, WorldHeart announced a private placement financing of its common shares of about $14.1 million. The completion of the private placement is subject to shareholder approval, which is expected to occur at its annual meeting on Dec. 20.
WorldHeart develops mechanical circulatory support systems with next-generation technologies.