Neovasc Regains Compliance with Nasdaq Minimum Bid Price Rule
10 February 2021 - 1:00AM
via NewMediaWire -- Neovasc, Inc. ("Neovasc" or the "Company")
(NASDAQ, TSX: NVCN) announced today that it has received
written notification from the Nasdaq Stock Market LLC
(“Nasdaq”) notifying the Company that it has regained
compliance with the minimum bid price requirement under Nasdaq
Listing Rule 5550(a)(2) pursuant to Nasdaq Listing Rule 5810 for
continued listing on the Nasdaq.
Currently, the Company is still not in compliance with the
minimum market value requirement set forth in Nasdaq Rules for
continued listing on the Nasdaq. Nasdaq Listing Rule 5550(b)(2)
requires companies to maintain a minimum market value of US$35
million; the Company has until June 8, 2021 to regain such
compliance.
The Company is also listed on the Toronto Stock
Exchange and regaining compliance on the Nasdaq 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.
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 Statement Disclaimer
Certain statements in this news release contain
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws that may not be based on historical fact.
When used herein, 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, beliefs and expectations relating the Company's
need to regain compliance with the Nasdaq minimum market value
requirement pursuant to Nasdaq Listing Rule 5550(b)(2) within the
prescribed grace period and the growing cardiovascular marketplace.
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, market and other conditions 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. The Company
has no intention and undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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