NASDAQ, TSX: NVCN
VANCOUVER, July 17, 2019 /PRNewswire/ - Neovasc Inc.
("Neovasc" or the "Company") (NASDAQ: NVCN) (TSX: NVCN), a leader
in the development of minimally invasive transcatheter mitral valve
replacement technologies and in the development of minimally
invasive devices for the treatment of refractory angina, announced
today that it has received written notification (the "Nasdaq
Notice") from The Nasdaq Stock Market LLC ("Nasdaq") notifying the
Company that it has regained compliance with the minimum bid price
requirement set forth in the rules for continued listing on the
Nasdaq Capital Market (the "Listing Rules"). Having regained
compliance in respect of the minimum bid price deficiency and, as
previously announced on June 25,
2019, the market value of listed securities deficiency,
Neovasc has regained compliance in respect of all deficiency
notices received from Nasdaq.
The Company received a letter from the Nasdaq in January 2019 notifying it that it was not in
compliance with the minimum bid price requirement set forth in
Listing Rule 5550(a)(2) and a letter from Nasdaq on July 17, 2019 that Neovasc regained compliance
again. The Nasdaq Notice confirms that the Company has regained
compliance with Listing Rule 5550(a)(2) pursuant to Listing Rule
5810, as the Company's closing bid price exceeded US$1.00 for 10 consecutive business days from
July 2, 2019 through July 16, 2019.
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 the Neovasc Reducer™ (the "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 the Tiara™, for the
transcatheter treatment of mitral valve disease, which is currently
under clinical investigation in the United
States, Canada and Europe. For more information,
visit: www.neovasc.com.
Forward-Looking Statement Disclaimer
This news release
contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws regarding the Company's compliance with
the Nasdaq Listing Rules, including the minimum bid price and
market value of listed securities requirements, and the rapidly
growing cardiovascular marketplace. Words and phrases such as
"continue", "strategy", "goal", "would", "may", "could", "should",
"expect" 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 believes are appropriate in
the circumstances. Many factors and assumptions could cause the
Company's actual results, performance or achievements to differ
materially from those expressed or implied by the forward-looking
statements, including, without limitation, the substantial doubt
about the Company's ability to continue as a going concern; risks
relating to the senior secured convertible notes (the "Notes")
issued pursuant to the November 2017 private placement
(together, the "2017 Financing"), resulting in significant dilution
to the Company's shareholders; risks relating to the Company's need
for significant additional future capital and the Company's ability
to raise additional funding; risks relating to cashless exercise
and adjustment provisions in the Notes issued pursuant to the 2017
Financing, which could make it more difficult and expensive for the
Company to raise additional capital in the future and result in
further dilution to investors; risks relating to the sale of a
significant number of common shares of the Company; risks relating
to the conversion of Notes issued pursuant to the 2017 Financing,
which may encourage short sales by third parties; risks relating to
the possibility that the Company's common shares may be delisted
from the Nasdaq Capital Market or the Toronto Stock Exchange, which
could affect their market price and liquidity; risks relating to
the Company's conclusion that it did not have effective internal
control over financial reporting as at December 31, 2018;
risks relating to the Company's common share price being volatile;
risks relating to the influence of significant shareholders of the
Company over the Company's business operations and share price;
risks relating to the Company's significant indebtedness, and its
effect on the Company's financial condition; risks relating to
claims by third parties alleging infringement of their intellectual
property rights; risks relating to lawsuits that the Company is
subject to, which could divert the Company's resources and result
in the payment of significant damages and other remedies; the
Company's ability to establish, maintain and defend intellectual
property rights in the Company's products; risks relating to
results from clinical trials of the Company's products, which may
be unfavorable or perceived as unfavorable; the Company's history
of losses and significant accumulated deficit; risks associated
with product liability claims, insurance and recalls; risks
relating to use of the Company's products in unapproved
circumstances, which could expose the Company to liabilities; risks
relating to competition in the medical device industry, including
the risk that one or more of the Company's competitors may develop
more effective or more affordable products; risks relating to the
Company's ability to achieve or maintain expected levels of market
acceptance for the Company's products, as well as the Company's
ability to successfully build its in-house sales capabilities or
secure third-party marketing or distribution partners; the
Company's ability to convince public payors and hospitals to
include the Company's products on their approved products lists;
risks relating to new legislation, new regulatory requirements and
the efforts of governmental and third-party payors to contain or
reduce the costs of healthcare; risks relating to increased
regulation, enforcement and inspections of participants in the
medical device industry, including frequent government
investigations into marketing and other business practices; risks
associated with the extensive regulation of the Company's products
and trials by governmental authorities, as well as the cost and
time delays associated therewith; risks associated with post-market
regulation of the Company's products; health and safety risks
associated with the Company's products and industry; risks
associated with the Company's manufacturing operations, including
the regulation of the Company's manufacturing processes by
governmental authorities and the availability of two critical
components of the Reducer; risk of animal disease associated with
the use of the Company's products; risks relating to the
manufacturing capacity of third-party manufacturers for the
Company's products, including risks of supply interruptions
impacting the Company's ability to manufacture its own products;
risks relating to the Company's dependence on limited products for
substantially all of the Company's current revenues; risks relating
to the Company's exposure to adverse movements in foreign currency
exchange rates; risks relating to the possibility that the Company
could lose its foreign private issuer status under U.S. federal
securities laws; risks relating to breaches of anti-bribery laws by
the Company's employees or agents; risks associated with future
changes in financial accounting standards and new accounting
pronouncements; risks relating to the Company's dependence upon key
personnel to achieve its business objectives; the Company's ability
to maintain strong relationships with physicians; risks relating to
the sufficiency of the Company's management systems and resources
in periods of significant growth; risks associated with
consolidation in the health care industry, including the downward
pressure on product pricing and the growing need to be selected by
larger customers in order to make sales to their members or
participants; risks relating to the Company's ability to
successfully identify and complete corporate transactions on
favorable terms or achieve anticipated synergies relating to any
acquisitions or alliances; risks relating to the Company's ability
to successfully enter into fundamental transactions as defined in
the Notes issued pursuant to the 2017 Financing; anti-takeover
provisions in the Company's constating documents which could
discourage a third party from making a takeover bid beneficial to
the Company's shareholders; and risks relating to conflicts of
interests among the Company's officers and directors as a result of
their involvement with other issuers. In particular, in addition to
the specified criteria for continued listing, Nasdaq also has broad
discretionary public interest authority that it can exercise to
apply additional or more stringent criteria for the continued
listing of the Company's common shares, or suspend or delist
securities even if the securities meet all enumerated criteria for
continued listing on the Nasdaq Capital Market. The Nasdaq could
use this discretionary authority at any time to delist the
Company's common shares. There can be no assurance that Nasdaq will
not exercise such discretionary authority. In addition, there can
be no assurance that the Company will be able to maintain
compliance with the minimum bid price or market value of listed
securities requirements as a result of the risks and uncertainties
described above. These risk factors and others relating to the
Company are discussed in greater detail in the "Risk Factors"
section of the Company's Annual Report on Form 20-F and in
Management's Discussion and Analysis for the three months
ended March 31, 2019 (copies of which may be obtained
at www.sedar.com or www.sec.gov). The Company has no
intention and undertakes no obligation to update or revise any
forward-looking statements beyond required periodic filings with
securities regulators, whether as a result of new information,
future events or otherwise, except as required by law.
View original
content:http://www.prnewswire.com/news-releases/neovasc-regains-compliance-with-nasdaq-minimum-bid-price-rule-resolving-last-remaining-outstanding-nasdaq-deficiency-300886866.html
SOURCE Neovasc Inc.