Neovasc Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
December 14 2020 - 6:27PM
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 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. Based on the closing bid price of the
Company's common shares for the 30 consecutive business days from
October 30, 2020 to December 11, 2020, 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 June 14, 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 June 14, 2021, the Company may be
eligible for additional time to regain compliance or may face
delisting.
The Company intends to monitor the closing bid
price of its common shares between now and June 14, 2021 and
intends to cure the deficiency within the prescribed compliance
period. As described in the Company’s press release issued December
10, 2020, the Company must also regain compliance with the Nasdaq
minimum market value requirement by June 8, 2021, and may be
eligible for additional time to regain compliance or face delisting
if it fails to do so by that date. The Company expects that its
common shares will continue to be listed and trade on the Nasdaq
Capital Market during these compliance periods.
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 bid
price and minimum market value requirements within the prescribed
grace periods, the Company's possible eligibility for additional
time to regain compliance with such requirements upon expiration of
such prescribed compliance periods, the Company's expectation that
its common shares will continue to be listed and trade on the
Nasdaq Capital Market during such prescribed compliance periods 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 bid
price or minimum market value requirements prior to expiration of
the prescribed compliance periods, 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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