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Titan Medical Inc (2)
Symbol TMD
Shares Issued 111,202,690
Close 2022-06-29 C$ 0.68
Market Cap C$ 75,617,829
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Titan Medical has 180 days to regain Nasdaq compliance

2022-06-29 16:58 ET - News Release

Ms. Kristen Galfetti reports

TITAN MEDICAL GRANTED 180-DAY EXTENSION BY NASDAQ TO REGAIN COMPLIANCE WITH MINIMUM BID PRICE RULE

The listing qualifications staff of the Nasdaq Stock Market LLC has notified Titan Medical Inc. that the company has been granted an additional 180-calendar-day period, through Dec. 26, 2022, to evidence compliance with the $1 (U.S.) minimum bid price requirement for continued listing on the Nasdaq Capital Market.

If at any time before Dec. 26, 2022, the bid price for the company's common shares closes at or above $1 (U.S.) per share for a minimum of 10 consecutive business days (and generally not more than 20 consecutive business days, in Nasdaq's discretion), it is expected that Nasdaq would provide formal notice that the company has regained compliance with the bid price requirement.

In the event the company does not evidence compliance with the minimum bid price requirement during the 180-day grace period, it is expected that Nasdaq would notify the company that its shares are subject to delisting. At such time, the company may appeal such determination to a Nasdaq hearings panel, and it is expected that the company's securities would continue to be listed and available to trade on Nasdaq at least pending the completion of the appeal process. There can be no assurance that any such appeal would be successful or that the company would be able to evidence compliance with the terms of any extension that may be granted by the panel.

The Nasdaq notification letter does not impact the company's compliance or listing status on the Toronto Stock Exchange.

About Titan Medical Inc.

Titan Medical, a medical device company headquartered in Toronto, Ont., and with operations in Chapel Hill, N.C., is focused on enhancing robotic-assisted surgery using innovative technology through a single access point. The Enos robotic single-access surgical system is being developed with an ergonomic focus to provide a surgical experience that imitates real-life movements that surgeons demand and includes multiarticulating instruments designed to allow surgeons an increased range of motion in a confined space, with dexterity and the ability to exert the forces necessary to complete common surgical tasks. With the Enos system, Titan intends to initially pursue gynecologic surgical indications.

We seek Safe Harbor.

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