Neovasc Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency
May 25 2021 - 04:05PM
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 bid price requirement set forth in
Nasdaq Rules for continued listing on the Nasdaq. Nasdaq Listing
Rule 5550(a)(2) requires listed securities to maintain a minimum
bid price of US$1.00 per share, and Listing Rule 5810(c)(3)(A)
provides that a failure to meet the minimum bid price requirement
exists if the deficiency continues for a period of 30 consecutive
business days. Based on the closing bid price of the Company's
common shares for the 30 consecutive business days
from April 12, 2021 to May 21, 2021, the Company no longer
meets the minimum bid price 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)(A), the Company has been provided
180 calendar days, or until November 22, 2021, to regain
compliance with Nasdaq Listing Rule 5550(a)(2). To regain
compliance, the Company's common shares must have a closing bid
price of at least US$1.00 for a minimum of 10 consecutive business
days. In the event the Company does not regain compliance
by November 22, 2021, the Company may be eligible for
additional time to regain compliance or may face
delisting.
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.
Investors
Mike Cavanaugh
Westwicke/ICR
Phone: +1.646.877.9641
Mike.Cavanaugh@westwicke.com
Media
Sean Leous
Westwicke/ICR
Phone: +1.646.866.4012
Sean.Leous@westwicke.com
Forward-Looking Statement Disclaimer
Certain statements in this news release contain
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws that may not be based on historical fact. When used
herein, the words "expect", "anticipate", "estimate", "may",
"will", "should", "intend," "believe", and similar expressions, are
intended to identify forward-looking statements. Forward-looking
statements may involve, but are not limited to, the Company's
possible eligibility for additional time to regain
compliance upon expiration of the prescribed grace
period and the growing cardiovascular marketplace.
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 Information Form and in the
Management's Discussion and Analysis for the three months
ended March 31, 2021 (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. The Company has no
intention and undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new
information, future events or otherwise.
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