Sunshine Heart (SSH) Moves from Pink Sheets to NASDAQ
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Sunshine Heart, Inc. (NASDAQ: SSH) (previously trading on the Pink Sheets under ticker "SUHE") today announced that its application to list the Company's common shares on the NASDAQ Capital Market has been approved by NASDAQ and its related Registration Statement on Form 10 filed with the U.S. Securities Exchange Commission has been declared effective. Trading on NASDAQ will commence at 9:30 AM Eastern Standard Time on February 16, 2012. Following the listing on NASDAQ, Sunshine Heart will maintain dual listings, with common shares trading on NASDAQ under the symbol SSH and Chess Depository Interests (CDIs) continuing to trade on the Australian Securities Exchange (ASX) under the symbol SHC.
Sunshine Heart, based in Eden Prairie, MN, is positioning its C-Pulse technology to treat moderate to severe heart failure. Founded in Australia, and listed on the ASX since 2004, the Company's operations have transitioned to the U.S. over the past several years. With that transition, Sunshine Heart has also expanded its investor base globally, as the Company develops a more prominent role in the heart failure community. A NASDAQ listing represents a natural growth extension as well as the opportunity to join the majority of its contemporaries within the medical device space on a common exchange.
As previously announced by the Company and effective as of January 30, 2012, security holders will be able to freely convert their holdings between ASX-listed CDIs and shares of common stock listed on NASDAQ, with one share represented by 200 CDIs. Given the ability to convert shares between listings, the Company expects trading prices on respective securities to be relatively correlated, such that the trading price of SSH securities on NASDAQ should be approximately 200 times the trading price of SHC securities on the ASX, adjusting for USD/AUD exchange rates.
Sunshine Heart current has approximately 6.3 million shares of common stock on issue (1.255 billion CDIs being a ratio of one share of common stock to 200 CDIs). Following the listing on NASDAQ, it is expected that several shareholders, particularly those based in the U.S., will convert their holdings from the ASX to NASDAQ by exchanging their CDIs for common stock.
Sunshine Heart, based in Eden Prairie, MN, is positioning its C-Pulse technology to treat moderate to severe heart failure. Founded in Australia, and listed on the ASX since 2004, the Company's operations have transitioned to the U.S. over the past several years. With that transition, Sunshine Heart has also expanded its investor base globally, as the Company develops a more prominent role in the heart failure community. A NASDAQ listing represents a natural growth extension as well as the opportunity to join the majority of its contemporaries within the medical device space on a common exchange.
As previously announced by the Company and effective as of January 30, 2012, security holders will be able to freely convert their holdings between ASX-listed CDIs and shares of common stock listed on NASDAQ, with one share represented by 200 CDIs. Given the ability to convert shares between listings, the Company expects trading prices on respective securities to be relatively correlated, such that the trading price of SSH securities on NASDAQ should be approximately 200 times the trading price of SHC securities on the ASX, adjusting for USD/AUD exchange rates.
Sunshine Heart current has approximately 6.3 million shares of common stock on issue (1.255 billion CDIs being a ratio of one share of common stock to 200 CDIs). Following the listing on NASDAQ, it is expected that several shareholders, particularly those based in the U.S., will convert their holdings from the ASX to NASDAQ by exchanging their CDIs for common stock.
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