Titan Medical Receives Nasdaq Delisting Notification and Discloses Plans for Appeal
May 27 2020 - 8:00AM
Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX:TMD)
(Nasdaq:TMDI), a medical device company focused on the design and
development of a single-port robotic surgical system for
application in minimally invasive surgery (“MIS”), today announced
that on May 26, 2020 it received a Staff Delisting Determination
letter (the “Determination”) from The Nasdaq Stock Market, LLC
setting forth a determination to delist the Company's common shares
from The Nasdaq Capital Market as a result of the Company's failure
to comply with the Listing Rule 5550(b) which requires a minimum of
$2.5 million in stockholders' equity, $35 million in market value
of listed securities, or $500,000 in net income from continuing
operations for continued listing (the “Deficiency”)
The Company intends to appeal the Determination by requesting a
hearing before a Hearings Panel (the “Panel”) by June 4, 2020. A
hearing request will stay the delisting of the Company's securities
until a determination is made by the Panel. The Company’s common
shares will continue to trade on the Nasdaq Capital Market pending
the outcome of the hearing before the Panel. The Company will
address the ongoing non-compliance matters before the Panel and
will request additional time to cure the Deficiency. There can be
no assurance that, following the hearing, the Panel will grant the
Company's request for additional time to regain compliance with the
Nasdaq continued listing requirements. If the Panel does not grant
the Company's request for additional time to comply, the Company's
securities will be subject to delisting. This announcement is made
in compliance with Nasdaq Listing Rule 5810(b) which requires
prompt disclosure of receipt of a Staff Delisting
Determination.
The Company’s common shares will continue to trade on the
Toronto Stock Exchange.
About Titan
Titan Medical Inc. is focused on computer-assisted robotic
surgical technologies for application in MIS. The Company 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 options and
multi-articulating instruments for performing MIS procedures, and a
surgeon workstation that provides an advanced ergonomic interface
to the patient cart and a 3D endoscopic view inside the patient’s
body. Titan intends to initially pursue gynecologic surgical
indications for use of its single-port robotic surgical system.
For more information, please visit the Company’s website at
www.titanmedicalinc.com.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of applicable Canadian and U.S. securities laws. Such
forward-looking statements include statements about the risk that
the Company will be unable to regain compliance with the Nasdaq
Capital Market listing requirements and that its appeal to the
Nasdaq listing qualifications panel will not be timely filed or
will be unsuccessful, resulting in the inability of the Company to
maintain its listing on the Nasdaq Capital Market, and the risk
that an over-the-counter market will not trade the Company's shares
if the Nasdaq Capital Market delists the Company. 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 year ended December 31, 2019 (which may be viewed at
www.sedar.com and 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/20200527005506/en/
Stephen Randall Chief Financial Officer +1-416-548-7522
stephen@titanmedicalinc.com
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