Titan Medical receives notice of non-compliance from Nasdaq

Nasdaq Listing Rule 5605(b)(1) states that the Company’s board of directors must consist of a majority independent directors and Listing Rule 5605(c)(2) states that the Company’s audit committee must consist of at least three members, all of whom are independent. Following Ms. Heather Knight’s resignation, the Company’s audit committee consists of only two members who are independent directors as defined in Rule 5605(a)(2). However, in accordance with Listing Rule 5605(c)(4), Nasdaq has provided the Company a cure period in order to regain compliance, being the earlier of the Company’s next annual shareholders’ meeting or February 7, 2024; or if the next annual shareholders’ meeting is held before August 7, 2023, then the Company must evidence compliance no later than August 7, 2023. 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.