Titan Medical Granted 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
TORONTO, June 29, 2022 (GLOBE NEWSWIRE) -- Titan Medical Inc. (Nasdaq:TMDI; TSX: TMD), a medical device company focused on the development and commercialization of innovative surgical technologies for single access robotic-assisted surgery (RAS), today announced that the Listing Qualifications Staff of The Nasdaq Stock Market LLC ("Nasdaq") has notified the company that it has been granted an additional 180 calendar day period, through December 26, 2022, to evidence compliance with the US$1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market.
If at any time before December 26, 2022, the bid price for the company's common shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days (and generally not more than 20 consecutive business days, in Nasdaqs discretion), it is expected that Nasdaq would provide formal notice that the company has regained compliance with the bid price requirement.
In the event the company does not evidence compliance with the minimum bid price requirement during the 180-day grace period, it is expected that Nasdaq would notify the company that its shares are subject to delisting. At such time, the company may appeal such determination to a Nasdaq Hearings Panel (the Panel), and it is expected that the companys securities would continue to be listed and available to trade on Nasdaq at least pending the completion of the appeal process. There can be no assurance that any such appeal would be successful or that the company would be able to evidence compliance with the terms of any extension that may be granted by the Panel.
The Nasdaq notification letter does not impact the companys compliance or listing status on the Toronto Stock Exchange.
