Ms. Kristen Galfetti reports
TITAN MEDICAL ANNOUNCES RECEIPT OF NASDAQ LISTING DETERMINATION; COMPANY TO REQUEST HEARING
On Dec. 27, 2022, the Nasdaq listing qualifications staff notified Titan Medical Inc. that, based upon the company's non-compliance with the minimum bid price requirement set forth in Nasdaq listing Rule 5550(a)(2), as of Dec. 26, 2022, the company's securities would be delisted unless the company timely requests a hearing before the Nasdaq hearings panel. The company plans to timely request a hearing, which request will stay any further action by the staff at least pending the issuance of the panel's decision following the hearing and the expiration of any extension that may be granted by the panel.
There can be no assurance that the panel will grant the company's request for continued listing or, if an extension is granted by the panel, that the company will be able to evidence compliance with the rule within the extension period granted. In the event the company is delisted from Nasdaq, the company's securities should be eligible to trade in the United States through the OTC Markets system.
The company is also listed on the Toronto Stock Exchange. Nasdaq's notice does not impact the company's listing on the TSX.
About Titan Medical Inc.
Titan Medical (Nasdaq: TMDI and TSX: TMD), a medical device company headquartered in Toronto, Ont., with operations in Chapel Hill, N.C., is focused on enhancing robotic assisted surgery (RAS) 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 Medical intends to initially pursue gynecologic surgical indications. On Nov. 30, 2022, the company announced the commencement of a strategic review process that will consider a full range of strategic alternatives, including corporate sale, merger or other business combination, a sale of all or a portion of the company's assets, strategic investment, or other significant transaction.
Enos is a trademark of Titan Medical.
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