Neovasc's board urges shareholders to vote "FOR" reverse stock split
Neovasc announced that its management and board of directors urge the Company's shareholders of record to vote "FOR" the proposal authorizing the Board to effect a reverse stock split. "Remaining on the Nasdaq Capital Market is a critical piece of the Company's turnaround strategy," commented Fred Colen, Neovasc's President and CEO. "Without reaching a minimum bid price above $1.00 for a minimum of 10 consecutive days before July 2 the Company may be delisted from the Nasdaq, which would have serious consequences for the Company as further outlined in this press release. In short, a vote against a reverse stock split will decrease liquidity for existing shareholders, increase the cost of capital for the Company, and significantly worsen the terms of the last financing," continued Colen. In the proxy filed on SEDAR on May 7, 2018 for the annual general and special meeting of shareholders on June 4, 2018, there is a proposal for shareholders to provide the Board with the authority to effect a reverse stock split of up to 1-for-100 at a time determined at the Board's discretion, if at all.