Titan Medical Confirms Receipt of Deficiency Notices From Nasdaq
05 December 2019 - 9:00AM
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 November 27, 2019, the Company received notification 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. Nasdaq
Rule 5550(a)(2) requires the Shares to maintain a minimum bid price
of US$1.00 per Share, and Nasdaq Rule 5810(c)(3)(A) provides that
failure to meet such a requirement exists when the bid price of the
Shares is below US$1.00 for a period of 30 consecutive business
days.
At the same time, the Company also received notification from
the Nasdaq Listing Qualifications Department that it was not in
compliance with the minimum Market Value of Listed Securities
(“MVLS”) of US$35 million requirement set forth in Nasdaq Rule
5550(b)(2) since the MLVS for the Shares listed on Nasdaq was below
US$35 million for 30 consecutive business days. Nasdaq Rule
5550(b)(2) requires the MLVS of the Shares to be at least US$35
million, and Nasdaq Rule 5810(c)(3)(C) provides that failure to
meet such a requirement exists when the MLVS of the Shares is below
US$35 million for a period of 30 consecutive business days.
These notifications do not impact the Company’s listing on the
Nasdaq Capital Market at this time. In accordance with Listing Rule
5810(c)(3)(A) and 5810(c)(3)(C), the Company has a period of 180
calendar days from the date of notification, being until May 25,
2020, to regain compliance with the minimum bid price and MVLS
requirements, during which time the Shares will continue to trade
on the Nasdaq Capital Market. If at any time before May 25, 2020,
the bid price of the Shares closes at or above US$1.00 per Share
and the Company can achieve and maintain a MVLS of US$35 million
for a minimum of 10 consecutive business days, Nasdaq will provide
written notification that the Company has achieved compliance with
the minimum bid price and MVLS requirements and will consider such
deficiency matters 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
these deficiencies and regain compliance with Nasdaq Rules
5550(a)(2) and 5550(b)(2).
About Titan Medical Inc.
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
statements 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. These statements, including with respect to the
Company’s intention to evaluate all available options to resolve
the Nasdaq Rule 5550(a)(2) and 5550(b)(2) deficiencies, 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 Information Form dated March 29, 2019 (which
may be viewed at www.sedar.com).
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20191204005833/en/
LHA Investor Relations Kim Sutton Golodetz (212) 838-3777
kgolodetz@lhai.com or Bruce Voss (310) 691-7100 bvoss@lhai.com
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