Neovasc Inc (NASDAQ:NVCN) reported that the company has failed to meet the minimum market value guideline required for continued listing on the NASDAQ platform. Nasdaq Listing Rule 5550(b)(2) mandates firms to maintain a minimum market worth of US $35 million for sustained listing on NASDAQ platform. A failure to attain the market value requirement remains if the deficiency continues for 30 successive business days. NVCN failed to meet that requirement from February 6, 2018 to March 21, 2018.
Neovasc now has the grace period between now and September 18, 2018 during which it will monitor the market value. During this period, the business operations will continue to progress normal, and shares will also continue to trade in the NASDAQ platform. This notification in any way has no impact on the firm’s listing on the Toronto Stock Exchange.
This year has not been great for Neovasc stock. So far, the stock has recorded decline of more than 81% in a matter of less than three months. On Friday, the stock posted drop of 3% to close the day at $0.1101. The company is all set to post its financial report for the year closed December 31, 2017 on March 28, 2018, which will further define the direction of company’s stock.
Earlier in the month of January, Neovasc reported that its board of directors has appointed Fred A. Colen as Chief Executive Officer and President of the company. This change was implemented effective immediately. The change in leadership comes a major step under firm’s plan to boost commercialization of its Reducer™ product in Europe and the development of its Tiara™ program. Alexei Marko, the ex-CEO, continues to be a Director on the company’s Board of Directors. Also, he remains to serve as an advisor to the firm. Neovasc comes in the list of leading specialty medical device firms that develops, markets and manufactures products for the fast growing cardiovascular marketplace.