Neovasc Inc (NASDAQ:NVCN) stock continued to head lower in the previous trading. The stock has witnessed continues selling pressure since Mid-February. The stock has almost 75% since February and now just 18% away from its 52-week low of $0.68.
Market Action
NVCN stock slid 1.13% to close at $0.8106 on Tuesday. The stock made a high and low of $0.8481 and $0.81 respectively for the session after opening at $0.815. The total volume for the day was 416K shares – compared to its average volume of 1.75 million shares.
NVCN Released News Late Tuesday
Neovasc Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency
- NVCN announced 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). T
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