VANCOUVER and MINNEAPOLIS - 
(NewMediaWire) - May 25, 2021 - Neovasc Inc. (“Neovasc” 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 bid price requirement set forth in Nasdaq
Rules for continued listing on the Nasdaq. Nasdaq Listing Rule 5550(a)(2)
requires listed securities to maintain a minimum bid price of US$1.00 per
share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the
minimum bid price requirement exists if the deficiency continues for a period
of 30 consecutive business days. Based on the closing bid price of the
Company's common shares for the 30 consecutive business days
from April 12, 2021 to May 21, 2021, the Company no longer meets the
minimum bid price 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)(A), the Company has been
provided 180 calendar days, or until November 22, 2021, to regain
compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the
Company's common shares must have a closing bid price of at least US$1.00 for a
minimum of 10 consecutive business days. In the event the Company does not
regain compliance by November 22, 2021, the Company may be eligible for
additional time to regain compliance or may face delisting.
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.
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, the Company's possible eligibility for additional time to
regain compliance upon expiration of 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, 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
Information Form and in the Management's Discussion and Analysis for the three months
ended March 31, 2021 (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.
