HeartWare Stock To Delist In Australia
The stock of medical device manufacturer HeartWare International of Framingham is being delisted from the Australian Securities Exchange at the company’s request, HeartWare said.
The company cited higher administrative costs and a higher level of regulatory compliance costs in its decision.
Trading in HeartWare’s CHESS Depositary Interests, or CDIs, will be suspended at the close of the Australian market on Sept. 10. HeartWare's shares of common stock are traded on the NASDAQ Global Select Market under the symbol HTWR, and HeartWare's CDIs are traded on the Australian exchange (ASX) under the code HIN. One share of HeartWare common stock is equivalent to 35 CDIs.
Since HeartWare's stock began listing on NASDAQ in 2009, the company said there has been a “substantial shift” in the trading volume of its securities from ASX to NASDAQ, which has culminated in more than 99 percent of the trading volume of its stock taking place on NASDAQ and less than 1 percent on the ASX since Jan. 1. Also, CDIs make up only about 5 percent of all of HeartWare's issued and outstanding capital with the vast majority of its capital being held as common stock traded on NASDAQ.
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