Neovasc Shareholders Approve Acquisition by Shockwave Medical

March 17, 2023—Neovasc Inc., a developer of minimally invasive devices for the treatment of refractory angina, recently advised that its shareholders have approved the previously announced acquisition of the outstanding common shares of the company by Shockwave Medical, Inc. by way of a statutory plan of arrangement at the special meeting of shareholders held March 6, 2023.

According to Neovasc, the special resolution approving the arrangement received more than 97% of the votes cast by the shareholders.

The arrangement remained subject to the approval of the Supreme Court of British Columbia in Canada and the satisfaction or waiver of other customary closing conditions. The completion of the arrangement is expected to occur in March 2023.

Until the closing of the arrangement, the parties remain separate independent companies.

After completion of the arrangement, the shares will be delisted from the Toronto Stock Exchange and the Nasdaq Capital Market. An application will also be made for the company to cease to be a reporting issuer in the applicable jurisdictions following completion of the arrangement. The company will also deregister the shares under the United States Securities Exchange Act of 1934, as amended.

Further details regarding the arrangement are set out in the company’s management information circular dated February 3, 2023, which is available on Neovasc’s profile at www.sedar.com.

The company’s products include the Neovasc Reducer for the treatment of refractory angina, which has been commercially available in Europe since 2015 and is under clinical investigation in the United States, and Neovasc’s Tiara device for the transcatheter treatment of mitral valve disease, which is under clinical investigation in the United States, Canada, Israel, and Europe. Activity for Tiara has been indefinitely paused but the company advised it remains committed to the ongoing follow-up of patients in Tiara clinical trials, noted Neovasc in the press release.