An anonymous director reports

NEOVASC RECEIVES NASDAQ NOTIFICATION REGARDING MINIMUM MARKET VALUE DEFICIENCY

Neovasc Inc. has received written notification from the Nasdaq Stock Market LLC notifying the company that it is not in compliance with the minimum market value requirement set forth in Nasdaq rules for continued listing on the Nasdaq capital market. Nasdaq Listing Rule 5550(b)(2) requires companies to maintain a minimum market value of $35-million (U.S.) and Listing Rule 5810(c)(3)(C) provides that a failure to meet the market value requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the market value of the company for the 30 consecutive business days from July 10, 2019, to Aug. 20, 2019, the company no longer meets the minimum market value 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)(C), the company has been provided 180 calendar days, or until Feb. 17, 2020, to regain compliance with Nasdaq Listing Rule 5550(b)(2). To regain compliance, the company's market value must exceed $35-million (U.S.) for a minimum of 10 consecutive business days. In the event the company does not regain compliance by Feb. 17, 2020, the company may be eligible for additional time to regain compliance or may face delisting.

The company intends to monitor its market value between now and Feb. 17, 2020, and intends to cure the deficiency within the prescribed grace period. During this time, Neovasc expects that the company's common shares will continue to be listed and trade on the Nasdaq capital market.

The company's business operations are not affected by the receipt of the notification letter.

The company is also listed on the Toronto Stock Exchange and the notification letter does not affect the company's compliance status with such listing.

About Neovasc Inc.

Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina, which is not currently commercially available in the United States and has been commercially available in Europe since 2015, and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under clinical investigation in the U.S., Canada and Europe.

We seek Safe Harbor.