06:40:47 EDT Sun 21 Jul 2024
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Titan Medical Inc (2)
Symbol TMD
Shares Issued 112,842,297
Close 2023-05-15 C$ 0.22
Market Cap C$ 24,825,305
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Titan Medical pushes back results filing date to May 31

2023-05-15 17:23 ET - News Release

Mr. Stephen Lemieux reports


Titan Medical Inc. is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 -- Management Cease Trade Orders.

On March 22, 2023, and as further updated on April 3, 2023, April 17, 2023, and May 1, 2023, the company announced that under NP 12-203 it had applied to the Ontario Securities Commission (the OSC) requesting a management cease trade order (MCTO) be imposed in respect of the late filing of its annual financial statements, the related management's discussion and analysis, and annual information form, and the accompanying chief executive officer and chief financial officer certification for its financial year ended Dec. 31, 2022. The MCTO was granted by the OSC on April 3, 2023.

The MCTO restricts all trading in and all acquisitions of the securities of the company, directly or indirectly, by the chief executive officer and the chief financial officer of the company until two full business days following the receipt by the OSC of the annual filing Documents and any other filings the company is required to make under Ontario securities laws, or upon the further order of the director of the OSC. The MCTO does not affect the ability of shareholders who are not named in the MCTO to trade their securities.

The company has previously disclosed that it intends to file the annual filing Documents by May 19, 2023. After discussing with its auditor, the company now expects to file the annual filing documents by May 31, 2023. The company has notified the OSC regarding the delay but has not had an opportunity to engage in discussions with them.

The company confirms that: (a) the company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203; (b) there has not been any other specified default by the company under NP 12-203; and (c) the company is working to complete the annual filing documents. The company will continue to issue biweekly default status reports as required. Separately, on March 22, 2023, the company announced its intention to file a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934) (Form 25) with the U.S. Securities and Exchange Commission (SEC). The company filed a Form 25 on April 4, 2023, and its reporting obligations under Section 12(b) of the Exchange Act were suspended on or about April 17, 2023. The company also filed a Form 15 (Certification and Notice of Termination of Registration Under Section 12(g) of the Exchange Act or Suspension of Duty to File Reports Under Sections 13 and 15(d) of Exchange Act) with the SEC on April 19, 2023, being on or after the suspension date of the Section 12(b) reporting obligations, which immediately suspended the company's filing obligations under Section 15(d) of the Exchange Act, including the company's requirements to file on a go-forward basis annual reports on Form 40-F or Form 20-F and periodic reports on Form 6-K.

About Titan Medical Inc.

Titan Medical, a medical device company headquartered in Toronto, Ont., with operations in Chapel Hill, N.C., was focused on enhancing robotic-assisted surgery (RAS) using innovative technology through a single access point. 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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