Titan Pharmaceuticals enters non-binding LOI for reverse merger

Titan Pharmaceuticals entered a non-binding letter of intent to complete a reverse merger with a leading developer in Advanced Air Mobility. Additionally, Titan has taken important steps to preserve capital, including recent reductions of staff and overhead, while it continues to have meaningful conversations with potential strategic partners to monetize its significant scientific assets. Completion of the Proposed Reverse Merger is subject to the negotiation of a definitive merger agreement and related documentation, approval of the Proposed Reverse Merger by our Board of Directors and shareholders, approval of the continued listing by Nasdaq of Titan common stock on the Nasdaq Capital Market on a post-Reverse Merger basis, the completion of due diligence to the satisfaction of both parties, financing and satisfaction of other conditions that are to be negotiated as part of the merger agreement. Accordingly, there can be no assurance that a merger agreement will be entered into or that the Proposed Reverse Merger will be consummated.