Titan Medical Confirms Receipt of Deficiency Notice From Nasdaq
August 10 2020 - 8:00PM
Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX:TMD)
(Nasdaq:TMDI), a medical device company focused on the design
and development of single-port robotic surgical technologies, today
announced that on August 5, 2020, the Company received a deficiency
notice from the Nasdaq Stock Market LLC (“Nasdaq”) Listing
Qualifications Department that it was not in compliance with the
minimum bid price requirement set forth in Nasdaq Rule 5550(a)(2)
since the closing bid price for the Company's common shares (the
“Shares”) listed on Nasdaq was below US$1.00 for 30 consecutive
business days.
This notification does not impact the Company’s listing on the
Nasdaq Capital Market at this time. In accordance with Listing Rule
5810(c)(3)(A), the Company has a period of 180 calendar days from
the date of notification, being February 1, 2021, to regain
compliance with the minimum bid price requirement, during which
time the Shares will continue to trade on the Nasdaq Capital
Market. If at any time before February 1, 2021, the bid price of
the Shares closes at or above US$1.00 per Share for a minimum of 10
consecutive business days, Nasdaq will provide written notification
that the Company has achieved compliance with the minimum bid price
requirement and will consider the deficiency matter closed.
The Company is also listed on the Toronto Stock Exchange (the
“TSX”) and the notification letter does not affect the Company's
compliance status with the TSX.
The Company intends to evaluate all available options to resolve
this deficiency and regain compliance with Nasdaq Rule
5550(a)(2).
About Titan Medical Inc.
Titan Medical Inc. is focused on robotic-assisted technologies
for application in minimally invasive surgery (“MIS”). Titan is
developing a single-port robotic surgical system comprised of a
surgeon-controlled patient cart that includes a dual-view camera
system with 3D and 2D high-definition vision systems and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an ergonomic interface to the
patient cart and a 3D high-definition endoscopic view of the MIS
procedure. Titan intends to initially pursue gynecologic surgical
indications for use of its single-port robotic surgical system.
For more information, visit www.titanmedicalinc.com.
Forward-Looking Statements
This news release and the referenced presentation contain
“forward-looking statements” within the meaning of applicable
Canadian and U.S. securities laws. Such statements reflect the
current expectations of management of the Company’s future growth,
results of operations, performance and business prospects and
opportunities and include statements regarding the expected
instrument enhancements in view of the improved instrument designs
and the Company’s planned laboratory testing of prototypes of the
improved instrument designs. Wherever possible, words such as
“may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”,
“expect”, “intend”, “estimate”, “potential for” and similar
expressions have been used to identify these forward-looking
statements. These statements, including with respect to the
Company’s intention to evaluate all available options to resolve
the Nasdaq Rule 5550(a)(2) deficiency, reflect management’s current
beliefs with respect to future events and are based on information
currently available to management. Forward-looking statements
involve significant risks, uncertainties and assumptions. Many
factors could cause the Company’s actual results, performance or
achievements to be materially different from any future results,
performance or achievements that may be expressed or implied by
such forward-looking statements, including, without limitation,
those listed in the “Risk Factors” section of the Company’s Annual
Report on Form 20-F dated March 30, 2020 (which may be viewed at
www.sedar.com and at www.sec.gov). Should one or more of these
risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results, performance, or achievements may vary materially from
those expressed or implied by the forward-looking statements
contained in this news release. These factors should be considered
carefully, and prospective investors should not place undue
reliance on the forward-looking statements. Although the
forward-looking statements contained in the news release are based
upon what management currently believes to be reasonable
assumptions, the Company cannot assure prospective investors that
actual results, performance or achievements will be consistent with
these forward-looking statements. Except as required by law, the
Company expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200810005801/en/
Stephen Randall Chief Financial Officer +1-416-548-7522
stephen@titanmedicalinc.com
Titan Medical (NASDAQ:TMDI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Titan Medical (NASDAQ:TMDI)
Historical Stock Chart
From Sep 2023 to Sep 2024