The shares of Vancouver’s Angiotech Pharmaceuticals Inc. (TSX:ANP; Nasdaq:ANPI) are being permanently de-listed from the Nasdaq after those shares spent the last 210 days trading below the exchange’s $1.00 minimum price requirement.
The Nasdaq told Angiotech its common shares will be de-listed on January 13.
Angiotech, which makes medical devices and drugs that coat medical devices, can request an appeal hearing with the exchange, but said in a release it will not do so.
The Nasdaq first warned Angiotech in July that its share price was not in compliance.
Angiotech's common shares will still be tradable on the Toronto Stock Exchange under the trading symbol "ANP".
Angiotech’s shares on that exchange were trading at $0.235 midday Thursday, a 29% drop from Wednesday's close ($0.33).
Business in Vancouver reported in November that the firm entered into an agreement to convert much of its debt into shares to avert going into default with its debt holders. (See “Angiotech to convert debt to equity in recapitalization plan” – BIV Daily Edition, November 1, 2010.)
As of June 30, Angiotech’s long-term debt consisted of $325 million in senior floating rate notes due December 1, 2013, and $250 million in 7.75% senior subordinated notes.
Angiotech’s share price range during the past week: between $0.315 and $0.355; 52-week high: $1.42; 52-week low: $0.17.