Neovasc Receives Nasdaq Notification Regarding Minimum Market Value Deficiency
December 10 2020 - 5:39PM
via NewMediaWire -- Neovasc, Inc. (“Neovasc” or the “Company”)
(NASDAQ, TSX:NVCN), announced today that it has received
written notification (the "Notification Letter") from The Nasdaq
Stock Market LLC ("Nasdaq") notifying the Company that it is not in
compliance with the minimum market value requirement set forth in
Nasdaq Rules for continued listing on the Nasdaq Capital Market.
Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a
minimum market value of US$35 million and Listing Rule
5810(c)(3)(C) provides that a failure to meet the market value
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the market value of the Company
for the 30 consecutive business days from October 28, 2020 to
December 9, 2020, the Company no longer meets the minimum market
value requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(C), the Company has been provided 180
calendar days, or until June 8, 2021, to regain compliance with
Nasdaq Listing Rule 5550(b)(2). To regain compliance, the Company's
market value must exceed US$35 million for a minimum of 10
consecutive business days. In the event the Company does not regain
compliance by June 8, 2021, the Company may be eligible for
additional time to regain compliance or may face delisting.
The Company intends to monitor its market value between now and
June 8, 2021. During this time, we expect that the Company's common
shares will continue to be listed and trade on the Nasdaq Capital
Market.
The Company's business operations are not affected by the
receipt of the Notification Letter.
The Company is also listed on the Toronto Stock
Exchange and the Notification Letter does not affect the Company's
compliance status with such listing.
About Neovasc Inc.
Neovasc is a specialty medical device company that
develops, manufactures and markets products for the rapidly growing
cardiovascular marketplace. Its products include Reducer, for the
treatment of refractory angina, which is not currently commercially
available in the United States and has been commercially available
in Europe since 2015, and Tiara, for the transcatheter treatment of
mitral valve disease, which is currently under clinical
investigation in the United States, Canada, Israel and Europe. For
more information, visit: www.neovasc.com.
This news release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995 and applicable Canadian securities laws regarding the
Company’s plans to regain compliance with the Nasdaq minimum market
value requirement within the prescribed grace period, the Company's
possible eligibility for additional time to regain compliance upon
expiration of the prescribed compliance period, the Company's
expectation that its common shares will continue to be listed and
trade on the Nasdaq Capital Market during the prescribed compliance
period and the rapidly growing cardiovascular marketplace. Words
and phrases such as "may", “intends", "expect", "continue" and
"will", and similar words or expressions, are intended to identify
these forward-looking statements. Forward-looking statements are
based on estimates and assumptions made by the Company in light of
its experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors that the Company believes are appropriate in the
circumstances. Many factors could cause the Company’s actual
results, performance or achievements to differ materially from
those expressed or implied by the forward-looking statements,
including those described in the “Risk Factors” section of the
Company’s Annual Report on Form 20-F and in the Management’s
Discussion and Analysis for the three and nine months ended
September 30, 2020 (copies of which may be obtained
at www.sedar.com or www.sec.gov). These factors
should be considered carefully, and readers should not place undue
reliance on the Company’s forward-looking statements. In
particular, in addition to the specified criteria for continued
listing, Nasdaq also has broad discretionary public interest
authority that it can exercise to apply additional or more
stringent criteria for the continued listing of the Company's
common shares, or suspend or delist securities even if the
securities meet all enumerated criteria for continued listing on
the Nasdaq Capital Market. The Nasdaq could use this discretionary
authority at any time to delist the Company’s common shares. There
can be no assurance that Nasdaq will not exercise such
discretionary authority. In addition, there is no assurance that
the Company will be able to regain compliance with the minimum
market value requirement prior to expiration of the prescribed
compliance period, or if it does, that the Company will be able to
maintain such compliance as a result of the risks and uncertainties
described above. The Company has no intention and undertakes no
obligation to update or revise any forward-looking statements
beyond required periodic filings with securities regulators,
whether as a result of new information, future events or otherwise,
except as required by law.
Investors
Mike Cavanaugh
Westwicke/ICR
Phone: +1.646.877.9641
Mike.Cavanaugh@westwicke.com
Media
Sean Leous
Westwicke/ICR
Phone: +1.646.677.1839
Sean.Leous@icrinc.com
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