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VANCOUVER and MINNEAPOLIS – 
or the “Company”) (NASDAQ, TSX:NVCN), announced today
that it has received written notification (the “Notification Letter”)
from The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company
that it is not in compliance with the minimum market value requirement set
forth in Nasdaq Rules for continued listing on the Nasdaq Capital Market.
Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum market
value of US$35 million and Listing Rule 5810(c)(3)(C) provides that a failure
to meet the market value requirement exists if the deficiency continues for a
period of 30 consecutive business days. Based on the market value of the
Company for the 30 consecutive business days from October 28, 2020 to December
9, 2020, the Company no longer meets the minimum market value requirement.
The Notification Letter does
not impact the Company’s listing on the Nasdaq Capital Market at this time. In
accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been
provided 180 calendar days, or until June 8, 2021, to regain compliance with
Nasdaq Listing Rule 5550(b)(2). To regain compliance, the Company’s market
value must exceed US$35 million for a minimum of 10 consecutive business days.
In the event the Company does not regain compliance by June 8, 2021, the
Company may be eligible for additional time to regain compliance or may face
delisting.
The Company intends to monitor
its market value between now and June 8, 2021. During this time, we expect that
the Company’s common shares will continue to be listed and trade on the Nasdaq
Capital Market.
The Company’s business
operations are not affected by the receipt of the Notification Letter.
The Company is also listed on the
Toronto Stock Exchange and the Notification Letter 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.
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 plans to regain compliance with the Nasdaq minimum market value
requirement within the prescribed grace period, the Company’s possible
eligibility for additional time to regain compliance upon expiration of the
prescribed compliance period, the Company’s expectation that its common shares
will continue to be listed and trade on the Nasdaq Capital Market during the
prescribed compliance period and the rapidly growing cardiovascular marketplace.
Words and phrases such as “may”, “intends”, “expect”,
“continue” 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 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. 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 is no assurance that the Company
will be able to regain compliance with the minimum market value requirement
prior to expiration of the prescribed compliance period, or if it does, that
the Company will be able to maintain such compliance as a result of the risks
and uncertainties described above. 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.
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
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