Titan Medical Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
June 29 2022 - 10:31AM
Titan Medical Inc. (Nasdaq
: TMDI; TSX: TMD),
a medical device company focused on the development and
commercialization of innovative surgical technologies for single
access robotic-assisted surgery (RAS), today announced that the
Listing Qualifications Staff of The Nasdaq Stock Market LLC
("Nasdaq") has notified the company that it has been granted an
additional 180 calendar day period, through December 26, 2022, to
evidence compliance with the US$1.00 minimum bid price requirement
for continued listing on The Nasdaq Capital Market.
If at any time before December 26, 2022, the bid price for the
company's common shares closes at or above US$1.00 per share for a
minimum of 10 consecutive business days (and generally not more
than 20 consecutive business days, in Nasdaq’s discretion), it is
expected that Nasdaq would provide formal notice that the company
has regained compliance with the bid price requirement.
In the event the company does not evidence compliance with the
minimum bid price requirement during the 180-day grace period, it
is expected that Nasdaq would notify the company that its shares
are subject to delisting. At such time, the company may appeal such
determination to a Nasdaq Hearings Panel (the “Panel”), and it is
expected that the company’s securities would continue to be listed
and available to trade on Nasdaq at least pending the completion of
the appeal process. There can be no assurance that any such appeal
would be successful or that the company would be able to evidence
compliance with the terms of any extension that may be granted by
the Panel.
The Nasdaq notification letter does not impact the company's
compliance or listing status on the Toronto Stock Exchange.
About Titan Medical
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical device
company headquartered in Toronto, Ontario and with operations in
Chapel Hill, North Carolina, is focused on enhancing robotic
assisted surgery 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 multi-articulating 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 intends to
initially pursue gynecologic surgical indications.
Enos™ is a trademark of Titan Medical Inc.
For more information,
visit www.titanmedicalinc.com and connect with the
company on Twitter, @TitanMedical and LinkedIn.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws, which
reflect the current expectations of management of the company’s
future growth, results of operations, performance, and business
prospects and opportunities. 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, including, without limitation, references to: the
company’s focus on the design and development of surgical
technologies for robotic single access surgery; the company’s
compliance with the minimum bid price requirement during the
180-day grace period; the company’s ability to maintain listing
with The Nasdaq Capital Market; the Enos system providing a
surgical experience that imitates real-life movements; and the
company’s intention to initially pursue gynecologic surgical
indications with the Enos system. These statements reflect
management’s current beliefs 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 for the fiscal year ended December 31, 2021, 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.
ContactKristen GalfettiVice President, Investor
Relations & Corporate
Communications+1-781-869-2553investors@titanmedicalinc.com
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