Titan Medical Inc (TMDIF)

[66Mustang]

I think the critical quote from Mr. McNally is, "We can allocate those funds for operating activities."

This means they had not been allocated for operating activities. This is newly available money for Titan to spend. Whether it was technically in "escrow" (third party holding funds until a specific contractual obligation is met) or being held in some other vehicle or designated account, it is additional funding. The fact that it had not yet been returned after the April announcement means to me that both parties were still interested in putting some type of deal together.