Titan Medical announces decision of Nasdaq hearings panel to delist shares

Titan Medical announced that it has received a decision of the Nasdaq Hearings Panel advising the Company that effective at the open of business on March 10, 2023, the Company’s common shares will be delisted from The Nasdaq Stock Market. On December 30, 2021, Nasdaq Listing Qualifications staff issued the Company a deficiency notice citing its failure to comply with the minimum bid price requirement under Listing Rule 5550(a)(2). In accordance with Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until June 28, 2022, to regain compliance with the Rule. On June 29, 2022, the Company was provided an additional 180 calendar day compliance period, or until December 26, 2022, to demonstrate compliance with the Rule. On December 27, 2022, Staff notified the Company that it had determined to delist the Company as it did not comply with the Rule for listing on Nasdaq. On January 3, 2023, the Company requested a hearing, which was held on February 16, 2023, staying any delisting pending the issuance of the Panel’s decision. Trading in common shares on Nasdaq will be suspended effective at the opening of business on March 10, 2023 and Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission, after applicable appeal periods have lapsed. The Company is listed on the Toronto Stock Exchange and Nasdaq’s delisting notice does not impact the Company’s listing on the TSX. The Company expects that its common shares will be eligible for quotation on the OTC Markets with the opening of business on March 10, 2023.