Titan Medical Announced Receipt of Nasdaq Listing Determination Regarding Delisting; Company to Request Hearing

Author: Charles Gross | December 28, 2022 06:05pm
Titan Medical Inc. (NASDAQ:TMDI, TSX:TMD) (the "Company"), a medical device company focused on the development and commercialization of innovative surgical technologies for single access robotic-assisted surgery (RAS), today announced that, on December 27, 2022, the Nasdaq Listing Qualifications Staff (the "Staff") notified the Company that, based upon the Company's non-compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the "Rule") as of December 26, 2022, the Company's securities would be delisted unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). The Company plans to timely request a hearing, which request will stay any further action by the Staff at least pending the issuance of the Panel's decision following the hearing and the expiration of any extension that may be granted by the Panel. There can be no assurance that the Panel will grant the Company's request for continued listing or, if an extension is granted by the Panel, that the Company will be able to evidence compliance with the Rule within the extension period granted. In the event the Company is delisted from Nasdaq, the Company's securities should be eligible to trade in the U.S. through the OTC Markets system.

Posted In: TMDI TSX:TMD