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Neovasc plans reverse stock split to regain Nasdaq compliance

Neovasc Inc. is seeking shareholder approval for a reverse stock split to regain compliance with Nasdaq Capital Market's minimum bid price requirement.

The Canadian specialty medical device company said an affirmative vote could help it gain an extension to the July 2 deadline set by Nasdaq.

Neovasc is proposing a reverse stock split of up to 1-for-100, with timing to be determined by its board.

The company recently regained compliance with the exchange's $35 million minimum market value listing requirement.