NVCN - Neovasc Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency
VANCOUVER and MINNEAPOLIS - (NewMediaWire) - May 25, 2021 - Neovasc Inc. (“Neovasc” or the “Company”) (NASDAQ,?TSX: NVCN) announced today thatit has received written notification (the "Notification Letter") fromThe Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that itis not in compliance with the minimum bid price requirement set forth in NasdaqRules for continued listing on the Nasdaq. Nasdaq Listing Rule 5550(a)(2)requires listed securities to maintain a minimum bid price of US$1.00 pershare, and Listing Rule 5810(c)(3)(A) provides that a failure to meet theminimum bid price requirement exists if the deficiency continues for a periodof 30 consecutive business days. Based on the closing bid price of theCompany's common shares for the 30 consecutive business daysfrom April 12, 2021 to May 21, 2021, the Company no longer meets theminimum bid price requirement.
The Notification Letter doesnot impact the Company's listing on the Nasdaq Capital Market at thistime. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has beenprovided 180 calendar days, or until November 22, 2021, to regaincompliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, theCompany's common shares must have a closing bid price of at least US$1.00 for aminimum of 10 consecutive business days. In the event the Company does notregain compliance by November 22, 2021, the Company may be eligible foradditional time to regain compliance or may face delisting.
The Company's businessoperations are not affected by the receipt of the NotificationLetter.
The Company is also listed onthe Toronto Stock Exchange and the Notification Letter does notaffect the Company's compliance status with such listing.
About?Neovasc?Inc.?
Neovasc?is a specialty medicaldevice company that develops, manufactures and markets products forthe rapidly growing cardiovascular marketplace. Its products include Reducer,for the treatment of refractory angina, which is not currently commerciallyavailable in the United States and has been commercially available in Europesince 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.?
Investors?
Mike?Cavanaugh?
Westwicke/ICR?
Phone: +1.646.877.9641?
Mike.Cavanaugh@westwicke.com?
Media?
Sean?Leous?
Westwicke/ICR?
Phone: +1.646.866.4012?
Sean.Leous@westwicke.com?
Forward-Looking StatementDisclaimer?
Certain statements in this newsrelease contain forward-looking statements within the meaning of the U.S.Private Securities Litigation Reform Act of 1995 and applicable Canadiansecurities laws that may not be based on historical fact. When used herein, thewords "expect", "anticipate", "estimate","may", "will", "should", "intend,""believe", and similar expressions, are intended to?identifyforward-looking statements. Forward-looking statements may involve, but are notlimited to, the Company's possible eligibility for additional time toregain compliance upon expiration of the prescribed graceperiod and the growing cardiovascular marketplace. Forward-lookingstatements are based on estimates and assumptions made by the Company?in lightof?its experience and its perception of historical trends, current conditionsand expected future developments, as well as other factors that the Companybelieves are appropriate in the circumstances. Many factors could cause theCompany's actual results, performance or achievements to differ materially fromthose expressed or implied by the?forward looking?statements, including thosedescribed in the "Risk Factors" section of the Company's AnnualInformation Form?and in the Management's Discussion and Analysis for the three monthsended?March 31, 2021 (copies of which may be obtainedat?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-lookingstatements. The Company has no intention and undertakes no obligation to updateor revise any forward-looking statements, whether as a result of newinformation, future events or otherwise.