TORONTO, December 30, 2021– (BUSINESS WIRE) – Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical technology company focused on the development and commercialization of an innovative single-access robotic-assisted surgery system, received today a notification from the Nasdaq Stock Market LLC Listing Qualifications Department that it was not in compliance with the minimum bid price requirement set out in Nasdaq Rule 5550 (a) (2) since the closing bid price for the company’s common stock listed on the Nasdaq was below $ 1.00 for 30 consecutive business days. Nasdaq rule 5550 (a) (2) requires stocks to maintain a minimum bid price of US $ 1.00 per share, and Nasdaq rule 5810 (c) (3) (A) provides that failure to comply such a requirement exists when the bid price of the shares is less than $ 1.00 for a period of 30 consecutive business days.
These notifications have no impact on the company’s listing on the Nasdaq Capital Market at this time. In accordance with listing rule 5810 (c) (3) (A), the company has 180 calendar days from the date of notification, i.e. until June 28, 2022, to comply again with the minimum offer price requirement, during which time the shares will continue to trade on the Nasdaq Capital Market. If at any time before June 28, 2022, the bid price of the shares closes at or above US $ 1.00 per share for at least 10 consecutive business days, the Nasdaq will provide written notification that the company has closed. complied with the minimum bid price requirement. and will consider these deficiency problems closed.
The company is also listed on the Toronto Stock Exchange and the notification letter does not affect the company’s compliance status with such listing.
The company intends to assess all available options to resolve the issue and re-comply with Nasdaq Rule 5550 (a) (2).
About Titan Medical
Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical technology company headquartered in Toronto, Ontario, with product development and regulatory affairs activities at its Chapel Hill facility, in North Carolina, is focused on improving robot-assisted surgery using innovative technology. through a single access point. The Enos ™ Single Access Robotic Surgical System is developed with an ergonomic approach to provide a surgical experience that mimics the real movements that surgeons demand and includes multi-articulated instruments designed to allow surgeons a greater range of motion in a space. confined, with the dexterity and ability to exert the forces necessary to perform routine surgical tasks. With the Enos system, Titan initially intends to pursue gynecological surgical indications. Certain aspects of Titan’s robot-assisted surgical technologies and related intellectual property have been licensed to Medtronic plc, while retaining worldwide commercialization rights to technologies for use with the Enos system.
Enos ™ is a trademark of Titan Medical Inc.
For more information, visit www.titanmedicalinc.com.
This press release contains “forward-looking statements” within the meaning of applicable securities laws in Canada and the United States, which reflect management’s current expectations regarding the future growth of the Company, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as “could”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect” , “Intend”, “estimate”, “potential to” and similar expressions, although these words may not be used in all forward-looking statements. Forward-looking statements that appear in this press release may include, without limitation ” Limit references to: the company’s focus on developing and commercializing its innovative surgical technologies for robotic single-access surgery; the company’s intention to assess all available options to resolve the problem. breach of Nasdaq Rule 5550 (a) (2); the intention to initially pursue gynecologic surgical indications; the company’s goal of providing a surgical experience that mimics real-life movements that surgeons giens demand and understand multi-articulated instruments designed to allow surgeons a greater range of motion in a confined space, with the dexterity and the ability to exert the forces necessary to complete surgical tasks. These statements reflect the current beliefs of management and are based on information currently available to management. Forward-looking statements involve important risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the Company to differ materially from future results, performance or achievements that could be expressed or implied by such forward-looking statements, including, without limitation, those listed in the “Risk Factors” of the Company’s Annual Information Form and Form 40-F for the year ended December 31, 2020, as well as the assumptions discussed in the section titled “Development Plan” in the Company’s Report. management of the company for the three and nine months ended September 30, 2021 (which can be viewed at www.sedar.com and at www.sec.gov). If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results, performance or achievements may differ materially from those expressed or implied by the forward-looking statements ves contained in this press release. These factors should be carefully considered and potential investors should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in the press release are based on what management currently believes to be reasonable assumptions, the company cannot assure potential 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 statement, whether as a result of new information, future events or otherwise.
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