Neovasc Regains Compliance with Nasdaq Minimum Market Value Rule
Neovasc Inc. (NVCN) has announced that it has regained compliance with Nasdaq’s minimum market value requirement. Following a notification from Nasdaq in December 2020 regarding non-compliance, Neovasc has since exceeded the required market value of US$35 million for 14 consecutive business days from February 2 to February 22, 2021. The company is now in compliance with all previously reported breaches of Nasdaq Listing Rules. Neovasc focuses on the development of innovative cardiovascular medical devices.
- Regained compliance with Nasdaq's minimum market value requirement exceeding US$35 million.
- Market value compliance achieved for 14 consecutive business days.
- Now compliant with all previously reported breaches.
- None.
VANCOUVER and MINNEAPOLIS, Feb. 24, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Neovasc Inc. ("Neovasc" or the "Company") (NASDAQ, TSX: NVCN), has received written notification (the "Nasdaq Notice") from the Nasdaq Stock Market LLC ("Nasdaq") informing 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”).
Neovasc received a letter from the Nasdaq in December 2020 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
The Company is now in compliance with all previously announced breaches of the Listing Rules.
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, 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 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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