Neovasc has announced that its shareholders have approved the previously-announced acquisition of all of the outstanding common shares of the company by Shockwave Medical by way of a statutory plan of arrangement at the special meeting of shareholders held today this week.
The special resolution approving the arrangement was approved by 97.36% of the votes cast by the shareholders of the company present in person or represented by proxy at the meeting.
The arrangement remains subject to the approval of the Supreme Court of British Columbia and the satisfaction or waiver of other customary closing conditions. The Court hearing for the final order to approve the Arrangement is scheduled to take place on 9 March 2023, and the completion of the arrangement is expected to occur in March 2023, on a date to be determined.
Until the closing of the arrangement, the parties remain separate independent companies. Following 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 US Securities Exchange Act of 1934, as amended.
