Titan Medical Confirms Receipt of Deficiency Notices From Nasdaq
Source: Business Wire
Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD) (Nasdaq: TMDI), a medical device company focused on the design and development of a single-port robotic surgical system for application in minimally invasive surgery (“MIS”), today announced that on November 27, 2019, the Company received notification from the Nasdaq Stock Market LLC (“Nasdaq”) Listing Qualifications Department that it was not in compliance with the minimum bid price requirement set forth in Nasdaq Rule 5550(a)(2) since the closing bid price for the Company's common shares (the “Shares”) listed on Nasdaq was below US$1.00 for 30 consecutive business days. Nasdaq Rule 5550(a)(2) requires the Shares to maintain a minimum bid price of US$1.00 per Share, and Nasdaq Rule 5810(c)(3)(A) provides that failure to meet such a requirement exists when the bid price of the Shares is below US$1.00 for a period of 30 consecutive business days.
At the same time, the Company also received notification from the Nasdaq Listing Qualifications Department that it was not in compliance with the minimum Market Value of Listed Securities (“MVLS”) of US$35 million requirement set forth in Nasdaq Rule 5550(b)(2) since the MLVS for the Shares listed on Nasdaq was below US$35 million for 30 consecutive business days. Nasdaq Rule 5550(b)(2) requires the MLVS of the Shares to be at least US$35 million, and Nasdaq Rule 5810(c)(3)(C) provides that failure to meet such a requirement exists when the MLVS of the Shares is below US$35 million for a period of 30 consecutive business days.
