Neovasc Receives Notification From NASDAQ Regarding Minimum Purchase Price


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Vancouver, British Columbia and Minneapolis, Minnesota– (Newsfile Corp. – May 25, 2021) – Neovasc Inc. (NASDAQ: NVCN) (TSX: NVCN) (“Neovasc” or the “Company”) announced today that it has received 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 the maintenance of the listing on the Nasdaq. 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 fault 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 April 12, 2021 to May 21, 2021, the Company no longer meets the minimum bid price requirement.

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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 November 22, 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 November 22, 2021, the Company may be given additional time to restore compliance or may be subject to delisting.

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 specialty 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.

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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”, “may”, “should”, “intend”, “believe” and similar expressions are intended to identify forward-looking statements. Forward-looking statements may involve, but are not limited to, the Company’s possible eligibility for additional time to restore compliance upon expiration of the prescribed grace period and the growing cardiovascular market. 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 Annual Information Form. of the Company and in the MD&A for the three months ended March 31, 2021 (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. The Company has no intention and assumes no obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85208

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