Neovasc Granted Additional 180 Calendar Day Grace Period for Nasdaq Bid Price Compliance
November 24 2021 - 1:24PM
via NewMediaWire -- Neovasc Inc. ("Neovasc" or the
"Company") (NASDAQ, TSX: NVCN) has received written
notification (the "Nasdaq Notice") from the Nasdaq Stock Market LLC
("Nasdaq") informing the Company that in accordance with Nasdaq
Listing Rule 5810(c)(3)(A), Nasdaq has granted an additional 180
calendar day period within which to evidence compliance with the
$1.00 bid price requirement following the expiration of the current
compliance period on November 22, 2021.
The Nasdaq Notice 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 an additional 180 calendar days, or until May
23, 2022, 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 May 23, 2022, the Company may face
delisting.
About Neovasc Inc.
Neovasc is a specialty medical device company that
develops, manufactures and markets products for the rapidly growing
cardiovascular marketplace. The Company is a leader in the
development of minimally invasive transcatheter mitral valve
replacement technologies, and minimally invasive devices for the
treatment of refractory angina. Its products include Neovasc
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, expectations as the
Company’s stock price regaining compliance with Nasdaq’s minimum
bid price requirement. Many factors and assumptions could cause the
Company’s actual results, performance or achievements to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation, the doubt about the
Company’s ability to continue as a going concern; risks related to
the recent COVID-19 coronavirus outbreak or other health epidemics,
which could significantly impact the Company’s operations, sales or
ability to raise capital or enroll patients in clinical trials and
complete certain Tiara development milestones on the Company’s
expected schedule; risks relating to the Company’s need for
significant additional future capital and the Company’s ability to
raise additional funding; risks relating to the sale of a
significant number of Common Shares; risks relating to the
possibility that the Company’s common shares (the “Common Shares”)
may be delisted from the Nasdaq or the TSX, which could affect
their market price and liquidity; risks relating to the Company’s
conclusion that it did have effective internal control over
financial reporting as of December 31, 2020 but not at December 31,
2019 and 2018; risks relating to the Common Share price being
volatile; risks relating to the possibility that the Common Shares
may be delisted from the Nasdaq or the TSX, which could affect
their market price and liquidity; risks relating to the Company’s
significant indebtedness, and its effect on the Company’s financial
condition; risks relating to lawsuits that the Company is subject
to, which could divert the Company’s resources and result in the
payment of significant damages and other remedies; risks relating
to claims by third-parties alleging infringement of their
intellectual property rights; risks relating to the Company’s
ability to establish, maintain and defend intellectual property
rights in the Company’s products; risks relating to results from
clinical trials of the Company’s products, which may be unfavorable
or perceived as unfavorable; the Company’s history of losses and
significant accumulated deficit; risks associated with product
liability claims, insurance and recalls; risks relating to use of
the Company’s products in unapproved circumstances, which could
expose the Company to liabilities; risks relating to competition in
the medical device industry, including the risk that one or more
competitors may develop more effective or more affordable products;
risks relating to the Company’s ability to achieve or maintain
expected levels of market acceptance for the Company’s products, as
well as the Company’s ability to successfully build its in-house
sales capabilities or secure third-party marketing or distribution
partners; risks relating to the Company’s ability to convince
public payors and hospitals to include the Company’s products on
their approved products lists; risks relating to new legislation,
new regulatory requirements and the efforts of governmental and
third-party payors to contain or reduce the costs of healthcare;
risks relating to increased regulation, enforcement and inspections
of participants in the medical device industry, including frequent
government investigations into marketing and other business
practices; risks relating to the extensive regulation of the
Company’s products and trials by governmental authorities, as well
as the cost and time delays associated therewith; risks relating to
post-market regulation of the Company’s products; risks relating to
health and safety concerns associated with the Company’s products
and industry; risks relating to the Company’s manufacturing
operations, including the regulation of the Company’s manufacturing
processes by governmental authorities and the availability of two
critical components of the Reducer; risks relating to the
possibility of animal disease associated with the use of the
Company’s products; risks relating to the manufacturing capacity of
third-party manufacturers for the Company’s products, including
risks of supply interruptions impacting the Company’s ability to
manufacture its own products; risks relating to the Company’s
dependence on limited products for substantially all of the
Company’s current revenues; risks relating to the Company’s
exposure to adverse movements in foreign currency exchange rates;
risks relating to the possibility that the Company could lose its
foreign private issuer status under U.S. federal securities laws;
risks relating to the possibility that the Company could be treated
as a “passive foreign investment company”; risks relating to
breaches of anti-bribery laws by the Company’s employees or agents;
risks relating to future changes in financial accounting standards
and new accounting pronouncements; risks relating to the Company’s
dependence upon key personnel to achieve its business objectives;
risks relating to the Company’s ability to maintain strong
relationships with physicians; risks relating to the sufficiency of
the Company’s management systems and resources in periods of
significant growth; risks relating to consolidation in the health
care industry, including the downward pressure on product pricing
and the growing need to be selected by larger customers in order to
make sales to their members or participants; risks relating to the
Company’s ability to successfully identify and complete corporate
transactions on favorable terms or achieve anticipated synergies
relating to any acquisitions or alliances; risks relating to
conflicts of interests among the Company’s officers and directors
as a result of their involvement with other issuers; and risks
relating to antitakeover provisions in the Company’s constating
documents which could discourage a third-party from making a
takeover bid beneficial to the Company’s shareholders. These risk
factors and others relating to the Company are discussed in greater
detail in the “Risk Factors” section of the Company’s Annual
Information Form and in the Management’s Discussion and Analysis
for the three and nine months ended September 30, 2021 (copies of
which may be obtained atwww.sedar.com or www.sec.gov).
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.
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.
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