Neovasc Regains Compliance with Nasdaq Minimum Bid Price Rule
May 16 2022 - 9:05AM
via NewMediaWire – Neovasc Inc. ("Neovasc" or the "Company")
(NASDAQ, TSX: NVCN) announced today that it has received written
notification from the Nasdaq Stock Market LLC (the “Nasdaq”)
informing the Company that it has regained compliance with the
minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2)
pursuant to Nasdaq Listing Rule 5810 for continued listing on the
Nasdaq.
As previously reported, on May 24, 2021, Neovasc received a
letter from the Nasdaq notifying the Company that it was not in
compliance with the minimum bid price requirement set forth in the
Nasdaq Rules for continued listing on The Nasdaq Capital Market.
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. In accordance with Nasdaq Listing Rule
5810(c)(3)(A), the Company was provided 180 calendar days, or until
November 22, 2021, to regain compliance. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A)(i), the Company requested and was
granted a second 180-calendar day period, or until May 23, 2022,
within which to evidence compliance with the $1.00 bid price
requirement.
On May 13, 2022, Neovasc received notification from the Nasdaq
stating that since the closing bid price of the Company’s common
shares had been greater than US$1.00 per share for the last 10
consecutive business days, from April 29, 2022 to May 12, 2022,
Neovasc was in compliance with Listing Rule 5550(a)(2) and this
matter is now closed.
The Company is also listed on the Toronto Stock Exchange and
regaining compliance on the Nasdaq 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 Neovasc Reducer™,
for the treatment of refractory angina, which is under clinical
investigation 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.
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 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 Report on Form 20-F and in the Management’s
Discussion and Analysis for the year ended December 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.
Contacts
InvestorsMike CavanaughICR WestwickePhone: +1.617.877.9641Email:
Mike.Cavanaugh@westwicke.com
MediaSean LeousICR WestwickePhone: +1.646.866.4012Email:
Sean.Leous@westwicke.com
Neovasc (TSX:NVCN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Neovasc (TSX:NVCN)
Historical Stock Chart
From Sep 2023 to Sep 2024