Stephen Lemieux reports
TITAN MEDICAL ANNOUNCES DECISION OF NASDAQ HEARINGS PANEL TO DELIST COMMON SHARES
Titan Medical Inc. has received a decision of the Nasdaq Hearings Panel advising the company that, effective at the open of business on March 10, 2023, the company's common shares will be delisted from the Nasdaq Stock Market.
On Dec. 30, 2021, Nasdaq Listing Qualifications staff issued the company a deficiency notice citing its failure to comply with the minimum bid price requirement under Listing Rule 5550(a)(2). In accordance with Listing Rule 5810(c)(3)(A), the company was provided 180 calendar days, or until June 28, 2022, to regain compliance with the rule. On June 29, 2022, the company was provided an additional 180-calendar-day compliance period, or until Dec. 26, 2022, to demonstrate compliance with the rule. On Dec. 27, 2022, staff notified the company that it had determined to delist the company as it did not comply with the rule for listing on Nasdaq. On Jan. 3, 2023, the company requested a hearing, which was held on Feb. 16, 2023, staying any delisting pending the issuance of the panel's decision.
Trading in common shares on Nasdaq will be suspended effective at the opening of business on March 10, 2023, and Nasdaq will complete the delisting by filing a Form 25, Notification of Delisting, with the U.S. Securities and Exchange Commission after applicable appeal periods have lapsed. The company may request the Nasdaq Listing and Hearing Review Council review this decision and any written request must be received within 15 days from today, along with a fee of $15,000. The company is evaluating the appeal process with its advisers and has not yet determined whether to file an appeal, during which any appeal would not prevent the suspension of trading.
The company is listed on the Toronto Stock Exchange and Nasdaq's delisting notice does not impact the company's listing on the TSX. The company expects that its common shares will be eligible for quotation on the OTC Markets with the opening of business on March 10, 2023. The OTC Markets' symbol expected to be assigned to the company's common shares is TMDIF.
About Titan Medical
Titan Medical, a medical device company headquartered in Toronto, Ont., was previously focused on the development of robotic-assisted surgery (RAS) technology. On Nov. 30, 2022, the company announced the commencement of a strategic review process that considered 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. On Feb. 8, 2023, the company announced that none of the parties approached as part of the strategic review process expressed an interest in pursuing a transaction with the company. As a result, the company initiated various cost-cutting measures and announced that its board of directors had determined to prioritize the sale of all or a portion of the company's assets, and, subsequently on Feb. 14, 2023, the company announced that it had laid off a number of senior management personnel.
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