Neovasc Inc. fell out of compliance with a Nasdaq rule requiring listed securities to maintain a minimum bid price of $1 per share.
The Canadian medical device company's common shares had a closing bid price of below $1 for 30 consecutive business days, triggering a noncompliance notice from the Nasdaq, Neovasc said in a filing. The company has 180 calendar days, or until July 15, to comply with the rule.
Neovasc can still be eligible for additional time to comply if it does not meet the deadline, but it can also face delisting.
The noncompliance notice is the second the company has received this year, with Neovasc also falling out of compliance with the Nasdaq's minimum market value requirement Jan. 2. The company has until July 2 to comply with the rule.
Neovasc develops and sells medical devices for treating heart diseases.