Neovasc Regains Compliance with Nasdaq Minimum Market Value Rule
June 25 2020 - 9:00AM
via NEWMEDIAWIRE -- Neovasc Inc. ("Neovasc" or the "Company")
(NASDAQ, TSX: NVCN), announced that it received written
notification yesterday (the "Nasdaq Notice") from the Nasdaq Stock
Market LLC ("Nasdaq") notifying the Company that it has regained
compliance with the minimum market value requirement set forth in
the rules for continued listing on the Nasdaq Capital Market (the
“Listing Rules”).
The Company received a letter from the Nasdaq in October 2019
notifying the Company that it was not in compliance with the
minimum market value requirement set forth in Listing Rule
5550(b)(2). The Nasdaq Notice confirms that the Company has
regained compliance with Listing Rule 5550(b)(2) pursuant to
Listing Rule 5810 as the Company's market value exceeded US$35
million for 10 consecutive business days between May 29, 2020
through June 11, 2020.
“We are pleased to see that the market value of the Company’s
shares once again exceeds the requirements for Nasdaq listing.
Regaining compliance allows us to remain focused on driving growth
through our value creation strategies,” said Fred Colen, President
and Chief Executive Officer of Neovasc.
The Company is also listed on the Toronto Stock Exchange (the
"TSX") and the Company's noncompliance with the Nasdaq minimum bid
price requirement does not affect the Company's compliance status
with the TSX.
About Neovasc Inc.
Neovasc is a specialty medical device company that
develops, manufactures and markets products for the rapidly growing
cardiovascular marketplace. The Company is a leader in the
development of minimally invasive transcatheter mitral valve
replacement technologies, and minimally invasive devices for the
treatment of refractory angina. Its products include Neovasc
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: +1.646.677.1839
Sean.Leous@icrinc.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, the growing
incidence of refractory angina, the potential expansion of the
patient pool eligible for treatment with Tiara TF as a result of
lower profile valve design, coupled with the innovative delivery
system, expectations regarding the initiation of a clinical
feasibility study in late 2020 and expectations as to 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, 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 months ended March 31, 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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