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Let’s hope the increased demand puts the warrants in the money, since that dilution is already baked into the PPS. Titan has the strike prices for the warrants updated post split:
https://titanmedicalinc.com/wp-content/uploads/2018/06/Titan-Medical-Warrants-June-28-2018.pdf
We are already well on our way with the three tranches with $6 strike prices, which will bring in another $6M. There’s another $13.5M in play once we move above $10.50 CDN. If the focus from an IR perspective can be on building the case for a half-billion valuation, then the remaining funding necessary is already in place via the warrant holders.
To answer your question, shares trade independently on each exchange, meaning they don’t always track one another. That said, they’ll tend to maintain parity naturally over a long period.
Agree...the next catalyst will be analyst coverage. Titan seeded the field with a couple of investor events in the prior three months, so I expect this to happen soon.
-IITF
Suckitup, whatever gave you the idea that I am no longer a long? Perhaps I stopped commenting, but only because the board had reached the seventh level of hell...
Does anyone here hold TITXF instead of TMD, and if so did your brokerage exchange your shares for the new TITXD shares today?
Ladies and gentlemen...today’s pre-split volume would’ve been 3.9 million shares. Almost a new record, on essentially no material news beyond a “slight accounting change” for our shares.
Hopefully the price stays well about $4 until the Nasdaq uplist is complete
Hello, over $9CAD on the TMX. Looks like removing the penny stock stigma was a big part of the problem!
I'm going to go out on a limb and guess that the shareholders approved the RS since Randall filed the 40-F with the SEC.
Increased liquidity.
30-1 @ 0.25 early August
Will average down post uplist, post RS unless some Earth shattering news drops before then.
BKT, the consensus around here is that Titan will engage in a major round of fundraising just after the RS and uplist, causing a drop in the PPS and a buying opportunity.
I believe a poster on here called Scalpel confirmed that the end effectors can be swapped without withdrawing the robot from the abdomen.
I think what’s lost on most investors is where this system falls in the evolutionary arc of surgery.
First surgeons made huge incisions, went in, did their job, got out, left the patient to deal with recovering from major abdominal trauma.
Then a surgeon said “Let’s do surgery like you build a ship in a bottle!” This meant a few small incisions. Recovery was quicker because the incisions were tiny.
Next, Intuitive said “Let’s give the surgeon 3D vision, dampen out their hand tremors, and give them a super human wrist to tie knots with. This turned average surgeons into minimally invasive surgeons.
Finally, Dennis Fowler, Andrea Bajo, and Nabil Simaan said “Let’s build a robot that can do the whole surgery via just one incision in the top of the belly button. Minimal trauma to the patient and maximum dexterity for the surgeon. Titan saw the potential and licensed the IREP form factor, which became SPORT.
Simply put, the potential for this tech is incredible, but the management team needs to increase their capital resources by an order of magnitude to get this done.
You need a share price of $4 at the uplist. Many pinks do a simultaneous RS and uplist. After listing on Nasdaq, the stock has to stay above a dollar to remain listed.
Being critical is different from being negative. Shorts aside, mostly everyone here would like to see this thing finally succeed.
SPORT19...thanks for your feedback. I’d stopped posting largely because nothing positive was being said here, and lots of the longs went sour on Titan.
True, things aren’t all rosey in Titan-land for longs like me, but I’ve always said I only invested what I was willing to lose on something as speculative as this. When we get on NASDAQ, I’ll invest more because the risk profile will allow me to do that. As far as this board goes, I’ll participate if we are talking about the way forward and not the way to zero.
No one here mentioned the following assertion that Mc made during the Bloom Burton presentation:
He said (paraphrasing) that Titan and Intuitive currently have all of the IP for single port robotic surgery locked up, effectively preventing other entrants into this space.
This is good for two reasons. First, Titan stands to benefit by licensing the IP in its portfolio. Secondly, this will make Titan an attractive acquisition target for Intuitive eventually.
What could be interesting is the impact of the R/S on some of the warrants.
Let’s say they do a 30-1 at .25, resulting in a NASDAQ IPO at 7.50. They choose not to raise any capital at that time. The uplist results in larger investors being able to get in, creating demand that is largely non-existent now. Titan benefits from the same kind of speculation we’ve seen in other surgical robotic stocks.
The PPS runs past $15 (that’s .50 pre RS) on some well-timed news. This puts many of the more recent warrant tranches in the money, funding the company without further dilution (the warrants are already baked into the PPS now)
The thing that’s hurting the company right now isn’t technology or the will to succeed. What’s hurting it is limited access to the capital needed for a project of this size. Fix that, and we are back in business.
Titan will need more than 50M to finish this up. They need to get access to major capital markets ASAP. Patiently waiting for the move to Nasdaq before investing any more.
Titan just posted their Q1 results and MD&A on SEDAR tonight. Strange that it went up on a Friday night.
The only major spoiler is a more detailed, milestone driven timeline.
Since they’re testing in a pig lab, I’m sure they had ham.
Is anyone on the board at the Columbia show and tell?
Also, the documents recently posted on the Titan website strongly suggest that the uplisting is coming very soon. I’d imagine a lot of investors are holding off on touching this thing because of the expected dilution when the uplist happens.
Demand for offering is difficult when the current share price is quite a bit lower than the offering price.
The roadshow is meant to preview Titan and SPORT for investors who’d participate in the initial offering on NASDAQ. That said, I’m sure a secondary goal at this point is to get the PPS up a bit higher to provide some breathing room for the RS.
Does anyone know why the volume is super anemic today?
Noticed in the Annual Information Statement on SEDAR that Patel is officially on the SAB. One bright spot as we wait in limbo.
The investors who bought the current offering are getting a share and a warrant for .30 CAD. The fair value in the Morningstar report is not connected in any way to the offering. The analyst who wrote the report simply believes the shares are undervalued at .18USD/share
New Morningstar report. Fair value .27 vs current PPS of .18
http://quotes.morningstar.com/stockq/analysis-report?&t=PINX:TITXF
Titan isn't worth anything unless it's able to either 1) commercialize a surgical robot using this IP to defend its turf, or 2) become a licensing shop and start demanding licensing fees from folks using the tech in their IPs.
As of right now, I would like to see these guys get their financing in order and nail down the plan to commercialization. No amount of IP can fix a lack of resources necessary to take this to commercialization.
You might want to look at US Patent 8768509
SNAKING ROBOTIC ARM WITH MOVABLE SHAPERS
and also US Patent 8347754
Multi articulating robotic instrument
Titan has the patents for the snake arms reasonably locked up. Adding those patents to the independently movable wrist, and the instrument patent they just got, they essentially have the IP locked up from shoulder to fingertip. The problem now seems to be whether or not they can get a patent for the overall form-factor of the system (since their design so closely mimics the DaVinci Sp).
Speaking of buying "all the shares when it's cheap", does anyone know if TMD plans to extend the shareholder rights plan when it expires in May? Once that's gone, it'll be fairly trivial for someone to buy a controlling interest in the company...
I will not invest one more dollar here until 1) SPORT reaches design freeze / production ready status, 2) data collection for 501(k) and EU is in progress, and 3) TMD is listed on NASDAQ or similar exchange.
My current investment is staying put...it's purely mad money at this point.
Looks like they updated the patent filing for their access port to provides mechanism for better sealing to maintain pneumo:
https://worldwide.espacenet.com/publicationDetails/biblio?DB=worldwide.espacenet.com&II=1&ND=3&adjacent=true&locale=en_EP&FT=D&date=20180222&CC=US&NR=2018049770A1&KC=A1
No clue. Just trying to understand why they did something they did not need to do at this time.
For the record, I’m not happy at all with the new timeline. The robot cannot simultaneously be the amazing game changer that an army of surgeons talked about over the last six months AND in need of tweaks on every major subsystem. They need to fix any final major issues then go for 510k. DaVinci wasn’t perfect at version 1.0...but it was good enough. Titan needs to start thinking about that every day and twice on Tuesday...
It's interesting that these guys decided to drop the milestone bombshell when they did. They did not have to hold the call with Dr. Estape last week. They still had another two months under regulatory guidelines before they had to release year-end results. Seems to me like they're getting all of this out in the open with intent because they needed to do so as a pre-requisite to an upcoming event.
Kudos to Sachin and team at Titan for the string of excellent videos that have been produced and released recently. They’ve taken SPORT from vapourware to reality for our investment community.