Neovasc receives Nasdaq notification on minimum market value deficiency
Neovasc has received written notification from Nasdaq that it is not in compliance with the minimum market value requirement for continued listing on the Nasdaq Capital Market that requires companies to maintain a minimum market value of $35M and provides that a failure to meet the market value requirement exists if the deficiency continues for a period of 30 consecutive business days. The notification does not impact the company's listing on Nasdaq at this time. The company has been provided 180 calendar days, or until February 17, 2020, to regain compliance with the listing rules. To regain compliance, the company's market value must exceed $35M for a minimum of 10 consecutive business days. In the event the company does not regain compliance by February 17, 2020, the company may be eligible for additional time to regain compliance or may face delisting. The company intends to cure the deficiency within the prescribed grace period. The company's business operations are not affected by the receipt of the notification. The notification does not affect the company's compliance status with its listing in the Toronto Stock Exchange.