VANCOUVER and MINNEAPOLIS, December 14, 2020 (GLOBE NEWSWIRE) – 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” ) informing the Company that it is not in compliance with the minimum bid price requirement set out in the Nasdaq rules for maintaining listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550 (a) (2) requires listed securities to maintain a minimum bid price of $ 1.00 per share, and Listing Rule 5810 (c) (3) (A) requires that it there is a breach of the minimum bid price requirement. if the deficit persists for a period of 30 consecutive working days. Based on the closing bid price of the Company’s ordinary 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 affect the company’s listing on the Nasdaq Capital Market at this time. Under Nasdaq Listing Rule 5810 (c) (3) (A), the Company has 180 calendar days, or until June 14, 2021, to re-comply with Listing Rule 5550 (a ) (2) of the Nasdaq. 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. If the Company does not restore compliance by June 14, 2021, the Company may be given additional time to restore compliance or may be subject to delisting.
The Company intends to monitor the closing bid price of its common shares by June 14, 2021 and intends to remedy the deficiency within the prescribed compliance period. As described in the Company’s press release issued on December 10, 2020, the Company must also re-comply with the Nasdaq minimum market value requirement by June 8, 2021, and may be granted additional time. to restore compliance or deal with delisting if it fails to do so. therefore on this date. The Company expects its common shares to continue to be listed and traded on the Nasdaq Capital Market during these compliance periods.
The Company’s business operations are not affected by 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 Néovasc inc.
Neovasc is a medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular market. Its products include 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 catheter treatment of the disease. mitral valve, which is currently the subject of a clinical study. in the United States, Canada, Israel and Europe. For more information, visit: www.neovasc.com.
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company’s plans to re-comply with minimum bid price and value requirements. Nasdaq trading period within the prescribed grace periods, the Company’s possible eligibility for additional time to comply with such requirements upon the expiration of such prescribed compliance periods, the Company’s expectation that its common shares will continue to be listed and traded on the Nasdaq Capital Market during these prescribed compliance periods and the rapidly growing cardiovascular disease market. Words and expressions such as “may”, “intention”, “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 deems appropriate in the light of its experience. circumstances. Many factors could cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements, including those described in the “Risk Factors” section of the Company’s annual report. the Company on Form 20-F and in the Management Report for the three and nine month periods ended September 30, 2020 (copies of which can be obtained at www.sedar.com or www.sec.gov). These factors should be carefully considered and readers should not place undue reliance on the Company’s forward-looking statements. In particular, in addition to the criteria specified for maintaining listing, the Nasdaq also has broad discretionary public interest authority that it can exercise to apply additional or more stringent criteria for maintaining stock listing. of the Company, or suspend or delist securities even if the securities meet all of the criteria listed for continued listing on the Nasdaq Capital Market. The Nasdaq could use this discretion at any time to delist the common shares of the Company. There can be no assurance that the Nasdaq will not exercise this discretion. In addition, there can be no assurance that the Company will be able to re-comply with the Minimum Bid Price or Minimum Market Value requirements before the expiration of the prescribed compliance periods, or if it does, that the Company will. able to maintain this compliance. due to the risks and uncertainties described above. 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.
Westwicke / ICR
Westwicke / ICR