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VANCOUVER and MINNEAPOLIS, February 20, 2020 – Neovasc,

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lister   Saturday, 02/29/20 03:53:49 AM
Re: ravmn post# 11789
Post # of 11837 
VANCOUVER and MINNEAPOLIS, February 20, 2020 – Neovasc, Inc. (“Neovasc” or the “Company”) (NASDAQ, 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, today announced that it will request a hearing before the Nasdaq Hearings Panel (the “Panel”) as the next step in the process in seeking an extension to satisfy the US$35 million minimum market value of listed securities requirement for continued listing on The Nasdaq Capital Market (the “MVLS Requirement”). On February 19, 2020, the Company received the expected notice from the Listing Qualifications Staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Staff had determined to delist the Company’s common shares from Nasdaq unless the Company requests a hearing before the Panel by February 26, 2020, which the Company will do. This request will ordinarily stay any further action by the Staff and the Company’s securities are expected to continue to be eligible to trade on Nasdaq at least pending the ultimate conclusion of the hearing process.
“We are focused on presenting a robust plan to regain compliance with the MVLS Requirement to the Panel in support of our request for continued listing on Nasdaq and we look forward to the opportunity to present before them.” commented Fred Colen, President and Chief Executive Officer of Neovasc. “We are hopeful that the Panel will grant the Company an extension through to approximately the end of July to execute our plan to regain compliance.”
On August 21, 2019, the Staff notified the Company that it did not satisfy the MVLS Requirement for the prior 30-consecutive business day period and, pursuant to Nasdaq Listing Rule 5810(c)(3)(C), had been provided a 180-day cure period, through February 17, 2020, to regain compliance. In order to evidence full compliance with the MVLS Requirement, the Company must evidence a market value of listed securities of at least $35 million for ten consecutive business days. The Company did not satisfy the MVLS Requirement during the initial compliance period and will begin the hearing process as described below.


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