Neovasc granted an additional 180 calendar days grace period for Nasdaq bid price compliance


VANCOUVER and MINNEAPOLIS, November 24, 2021 (GLOBE NEWSWIRE) – via NewMediaWire – Néovasc inc. (“Neovasc” or the “Company”) (NASDAQ, TSX: NVCN) has received written notification (the “Nasdaq Notice”) from Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that, in accordance with Nasdaq Listing Rule 5810 (c) (3) (A) , the Nasdaq has granted an additional 180 calendar days to prove compliance with the bid price requirement of $ 1.00 after the current compliance period expires on November 22, 2021.

The Nasdaq notice does not affect 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 an additional 180 calendar days, or until May 23, 2022, to re-comply with Rule d. ‘Nasdaq listing 5550 (a) (2). To restore compliance, the Company’s common shares must have a closing bid price of at least US $ 1.00 for at least 10 consecutive business days. In the event that the Company does not become compliant again by May 23, 2022, the Company may be delisted.

About Néovasc inc.

Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular market. The Company is a leader in the development of minimally invasive mitral valve catheter replacement technologies and minimally invasive devices for the treatment of refractory angina pectoris. Its products include Neovasc Reducer ™, for the treatment of refractory angina, which is currently not commercially available in the United States and has been commercially available in Europe since 2015, and Tiara ™, for the treatment by catheter. 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

Telephone: +1.646.877.9641

[email protected]

Media

Sean leous

Westwicke / ICR

Telephone: +1.646.866.4012

[email protected]

Disclaimer Regarding Forward-Looking Statements

Certain statements in this press release contain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws which may not be based on historical fact. When used in this document, 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 to the extent that the Company’s share price returns to comply with the Nasdaq 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 forward-looking statements, including, without limitation, doubt as to the ability of the Company to continue operating; risks related to the recent COVID-19 coronavirus outbreak or other health epidemics, which could have a significant impact on operations, sales or the Company’s ability to raise capital or enroll patients in clinical trials and to complete certain stages in the development of Tiara according to the Company’s schedule; risks relating to the Company’s need for significant additional future capital and the Company’s ability to raise additional funds; risks associated with the sale of a significant number of common shares; risks relating to the possibility that the common shares of the Company (the “Common Shares”) will be delisted from the Nasdaq or the TSX, which could affect their price and liquidity; the risks associated with the conclusion of the Company that it had effective internal control over financial reporting as of December 31, 2020 but not as of December 31, 2019 and 2018; risks associated with the volatility of the price of the common share; risks relating to the possibility that the Common Shares will be delisted from the Nasdaq or TSX, which could affect their price and liquidity; the risks associated with the Company’s significant indebtedness and its effect on the Company’s financial position; risks related to legal proceedings to which the Company is subject, which could divert the Company’s resources and result in the payment of significant damages and other remedies; the risks associated with claims by third parties alleging an infringement of their intellectual property rights; risks related to the Company’s ability to establish, maintain and defend intellectual property rights in the Company’s products; risks related to the results of clinical trials of the Company’s products, which may be unfavorable or perceived as unfavorable; the Company’s history of losses and significant accumulated deficits; risks associated with product liability claims, insurance and recalls; risks associated with the use of the Company’s products in unapproved circumstances, which could expose the Company to liabilities; competitive risks in the medical device industry, including the risk that one or more competitors will develop more effective or more affordable products; risks related 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 develop its internal sales capabilities or find partners third-party marketing or distribution; risks associated with the Company’s ability to convince public payers and hospitals to include the Company’s products on their approved product lists; risks associated with new legislation, new regulatory requirements, and efforts by government and third-party payers to contain or reduce health care costs; risks associated with increased regulation, enforcement and inspections of medical device industry participants, including frequent government investigations into marketing and other business practices; risks associated with the extensive regulation of the Company’s products and tests by government authorities, as well as the associated costs and delays; risks associated with post-marketing regulation of the Company’s products; risks related to health and safety issues 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 government authorities and the availability of two critical components of the Gearbox; risks related to the possibility of animal diseases 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 the risks of supply disruptions affecting the Company’s ability to manufacture its own products; risks related to the Company’s dependence on limited products for almost all of the Company’s current income; risks related to the Company’s exposure to unfavorable fluctuations in exchange rates; risks relating to the possibility that the Company may lose its status as a foreign private issuer under US federal securities laws; risks relating to the possibility that the Company may be treated as a “passive foreign investment company”; risks related to violations of anti-corruption laws by employees or agents of the Company; risks associated with future changes in financial accounting standards and new accounting positions; risks associated with the Company’s dependence on key personnel to achieve its business objectives; risks related to the Company’s ability to maintain strong relationships with physicians; risks related to the sufficiency of the Company’s management systems and resources during periods of significant growth; risks associated with consolidation in the healthcare industry, including downward pressure on product prices and the growing need to be selected by larger customers in order to make sales to their members or participants; risks related to the Company’s ability to identify and successfully conclude corporate transactions on favorable terms or to achieve anticipated synergies related to acquisitions or alliances; risks related to conflicts of interest between the officers and directors of the Company due to their involvement with other issuers; and the risks associated with the anti-takeover provisions in the Company’s constitutive documents which could discourage a third party from making a takeover bid that is beneficial to the Company’s shareholders. These and other risk factors relating to the Company are discussed in more 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 can be obtained atwww.sedar.com Where www.sec.gov). The Company has no intention and assumes no obligation to update or revise forward-looking statements beyond the required periodic filings with securities regulatory authorities, whether as a result of new information, future events or otherwise, except as required by law. The Company has no intention and assumes no obligation to update or revise forward-looking statements beyond the required periodic filings with securities regulatory authorities, whether as a result of new information, future events or otherwise, except as required by law.

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