Securities
and Exchange Commission
w
ashington,
D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of
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July
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2018
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Commission File Number
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001-36458
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Neovasc
Inc.
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(Translation of registrant’s name into English)
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Suite 5138 - 13562 Maycrest Way
Richmond, British Columbia, Canada, V6V 2J7
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(Address of principal executive offices)
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Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant is
submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
DOCUMENTS INCLUDED AS PART OF THIS REPORT
Document
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Document 1
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News Release dated July 9, 2018 - Neovasc Receives Expected Delisting Determination from Nasdaq Staff and Will Request Nasdaq Hearing
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DOCUMENT 1
Neovasc Receives Expected Delisting Determination from
Nasdaq Staff and Will Request Nasdaq Hearing
NASDAQ, TSX: NVCN
VANCOUVER, July 9, 2018 /CNW/ - Neovasc Inc. ("Neovasc"
or the "Company") (NASDAQ: NVCN) (TSX: NVCN), a leader in the development of minimally invasive transcatheter mitral
valve replacement technologies, today announced that it will request a hearing before the Nasdaq Hearings Panel (the "Panel")
as the next step in the process to seeking an additional 180-day extension for compliance with the US$1 minimum bid price requirement.
On July 6, 2018, the Company received the expected notice from the Listing Qualifications Staff (the "Staff") of The
Nasdaq Stock Market LLC ("Nasdaq") indicating that the Staff has determined to delist the Company's common shares from
Nasdaq Capital Market unless the Company requests a hearing before the Panel by July 13, 2018, which the Company will do.
As previously announced, the Company has already received
shareholder approval to execute a reverse stock split, common share consolidation, to enable the Company to regain compliance with
the minimum bid price requirement. However, the Company is seeking an additional 180-day extension so that the Board and
management can effect the reverse stock split at a time, during that extension, if granted, that is in the best interest of the
Company and its stakeholders.
On January 2, 2018, the Staff notified the Company that it
did not comply with the US$1.00 minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2). The Company was provided
an initial compliance period of 180 days, or until July 2, 2018, to regain compliance with Listing Rule 5550(a)(2). On July 6,
2018, the Company received the expected notice from the Staff indicating that the Staff has determined to delist the Company's
common shares from the Nasdaq Capital Market.
As previously disclosed, the Company will request a hearing
before the Panel, at which it will request an additional 180-day extension and present its plan for regaining compliance with the
minimum bid price requirement. This request will ordinarily automatically stay any delisting or suspension action pending the issuance
of a final decision by the Panel; however, the Nasdaq 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.
As noted above, the Company sought and received approval at its Annual General and Special Meeting of Shareholders to complete,
at the Board of Directors' discretion, a reverse stock split for purposes of regaining compliance with the minimum bid price requirement.
The Company believes that having the advance approval of its shareholders to effect a reverse stock split provides strong support
for its request for an additional 180-day extension and therefore increases the likelihood that the Panel will grant the requested
extension; however, there can be no assurance that the Company's appeal before the Panel will be successful.
The Company is also listed on the Toronto Stock Exchange (the
"TSX") and the Company's noncompliance with the Nasdaq minimum bid price requirement does not affect the Company's compliance
status with the TSX.
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 the 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 the Tiara™, for the transcatheter
treatment of mitral valve disease, which is currently under clinical investigation in the United States, Canada 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 strategy and expectations regarding the process for seeking an additional extension of time to regain compliance with
Nasdaq's minimum bid price requirement, whether or when the Company will complete a reverse stock split, and the Company's ability
to remain listed on the Nasdaq Capital Market. Words and phrases such as "intends", "continue", "believe",
"may", "could", "expect" 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 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 substantial doubt about the Company's ability to continue as a going concern; risks relating
to the warrants (the "Warrants") and senior secured convertible notes (the "Notes") issued pursuant to the
November 2017 underwritten public offering and concurrent private placement (together, the "2017 Financings"), resulting
in significant dilution to the Company's shareholders; risks relating to the Company's need for significant additional future capital
and the Company's ability to raise additional funding; risks relating to cashless exercise and adjustment provisions in the Warrants
and Notes issued pursuant to the 2017 Financings, which could make it more difficult and expensive for the Company to raise additional
capital in the future and result in further dilution to investors; risks relating to the sale of a significant number of common
shares of the Company; risks relating to the exercise of Warrants or conversion of Notes issued pursuant to the 2017 Financings,
which may encourage short sales by third parties; risks relating to the possibility that the Company's common shares may be delisted
from the Nasdaq Capital Market or the Toronto Stock Exchange, which could affect their market price and liquidity; risks relating
to the Company's common share price being volatile; risks relating to the influence of significant shareholders of the Company
over the Company's business operations and share price; risks relating to the Company's significant indebtedness, and its effect
on the Company's financial condition; risks relating to claims by third parties alleging infringement of their intellectual property
rights; 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; 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 of the Company's 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; 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 associated with the extensive regulation of the Company's
products and trials by governmental authorities, as well as the cost and time delays associated therewith; risks associated with
post-market regulation of the Company's products; health and safety risks associated with the Company's products and industry;
risks associated with 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; risk 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 breaches of anti-bribery laws
by the Company's employees or agents; risks associated with 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; 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 associated with 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 the Company's ability to successfully
enter into fundamental transactions as defined in the Series C warrants issued pursuant to the 2017 Financings; anti-takeover provisions
in the Company's constating documents which could discourage a third party from making a takeover bid beneficial to the Company's
shareholders; and risks relating to conflicts of interests among the Company's officers and directors as a result of their involvement
with other issuers. These risk factors and others relating to the Company are discussed in greater detail in the "Risk Factors"
section of the Company's Annual Report on Form 20-F and in Management's Discussion and Analysis for the quarter ended March 31,
2018 (copies of which may be obtained at www.sedar.com or www.sec.gov). In particular, the Company notes that shareholder
approval of the reverse stock split does not necessarily guarantee that the Nasdaq Hearings Panel will grant it an extension to
regain compliance with the US$1.00 minimum bid price requirement or that, if granted, such extension will be for the additional
180-days requested by the Company. In addition to the specified criteria for continued listing, the 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. There can be no assurance that the Nasdaq will not exercise such discretionary authority. In addition, even if the
Company is granted an extension by the Panel, there is no assurance that the Company will be able to regain compliance with the
minimum bid price requirement prior to the expiry of any extension, 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.
View original content:http://www.prnewswire.com/news-releases/neovasc-receives-expected-delisting-determination-from-nasdaq-staff-and-will-request-nasdaq-hearing-300677401.html
SOURCE Neovasc Inc.
View original content: http://www.newswire.ca/en/releases/archive/July2018/09/c4702.html
%CIK: 0001399708
For further information:
Chris Clark, Chief Financial Officer,
Neovasc Inc., 604 248-4138, cclark@neovasc.com; Jeremy Feffer, LifeSci Advisors, LLC, 212-915-2568, jeremy@lifesciadvisors.com
CO: Neovasc Inc.
CNW 07:00e 09-JUL-18
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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Neovasc
Inc.
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(Registrant)
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Date:
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July 9, 2018
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By:
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/s/
Chris Clark
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Name: Chris Clark
Title: Chief Financial Officer
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