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Titan Medical Inc (2)
Symbol TMD
Shares Issued 114,039,850
Close 2024-09-30 C$ 0.05
Market Cap C$ 5,701,993
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Titan Medical's shares to be delisted from TSX

2024-09-30 17:06 ET - News Release

Mr. Chien Huang reports

TITAN MEDICAL BEGINS PROCESS TO MOVE TO THE TSX VENTURE EXCHANGE

Titan Medical Inc.'s board of directors has approved the voluntary delisting of Titan's common shares from the Toronto Stock Exchange (the TSX). Subject to approval by the TSX and the completion of all closing conditions for the transaction (defined below) it is expected that the Titan shares will be delisted from the TSX effective as of close of markets between Oct. 4, 2024, and Oct. 10, 2024.

Titan remains a reporting issuer in Canada and will continue to provide regular comprehensive disclosure pursuant to applicable Canadian securities laws.

Titan intends to change the listing of the Titan shares to the TSX Venture Exchange in connection with its proposed acquisition of all of the issued and outstanding shares of Conavi Medical Inc. by way of a three-cornered amalgamation under which 1000824255 Ontario Inc. (Subco), a wholly owned subsidiary of Titan, will amalgamate with Conavi and continue as one entity and Conavi shareholders will receive Titan shares. In connection with the closing of the transaction, post-transaction Titan (the resulting issuer) is expected to be renamed as Conavi Medical Corp. The transaction will be conducted pursuant to the terms of a definitive agreement entered into between Titan, Conavi and Subco on March 17, 2024, as amended and will constitute a reverse takeover of Titan within the policies of the TSX-V. Having received conditional listing approval from the TSX-V, it is intended that the resulting issuer shares will begin trading on the TSX-V on the next business day following the TSX delisting date.

Titan's decision to voluntarily delist its stock from the TSX was as a result of considering the resulting issuer's ability to meet continuing listing requirements (where the resulting issuer is expected to satisfy TSX-V (rather than TSX) requirements upon completion of the reverse takeover) and the board's view that maintaining the TSX listing does not offer sufficient benefits to Titan and its shareholders to justify the expenses and administrative costs for the continued TSX listing. The company is not required to seek security holder approval for the delisting since the resulting issuer shares are anticipated to trade on the TSX-V.

About Titan Medical Inc.

Titan Medical, a medical technology company incorporated under the Business Corporations Act (Ontario) and headquartered in Toronto, Ont., has developed an expansive patent portfolio related to the enhancement of robotic-assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property while pursuing the completion of its agreed upon merger with Conavi Medical.

We seek Safe Harbor.

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