Titan Medical Inc (TMDIF)

[FISH21049]

Titan Medical Announces Receipt of MCTO

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Titan Medical Inc.
Tue, April 4, 2023 at 6:30 AM CDT
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Titan Medical Inc.
Titan Medical Inc.
TORONTO, ON, April 04, 2023 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD; OTC: TMDIF) announces that it has been granted a management cease trade order (“MCTO”) by the Ontario Securities Commission (the “OSC”), as its principal regulator, under National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults (“NP 12-203”).

On March 22, 2023, the Company announced that (i) it would not be filing its annual financial statements, the related management’s discussion and analysis and annual information form, and the accompanying chief executive officer and chief financial officer certification for its financial year ended December 31, 2022 (collectively, the “Annual Filing Documents”) within the time period prescribed by National Instrument 51-102 – Continuous Disclosure Obligations and National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings; and (ii) it had applied to the Ontario Securities Commission requesting a MCTO be imposed in respect of the late filing of its Annual Filing Documents.

The MCTO restricts all trading in and all acquisitions of the securities of the Company, directly or indirectly, by the Chief Executive Officer and the Chief Financial Officer of the Company until two full business days following the receipt by the OSC of the Annual Filing Documents and any other filings the Company is required to make under Ontario securities laws, or upon the further order of the director of the OSC. The MCTO does not affect the ability of shareholders who are not named in the MCTO to trade their securities.

During the period that the MCTO is in effect, the Company intends to satisfy the provisions of section 10 of NP 12-203 and issue bi-weekly default status reports.

As announced on March 22, 2023, the Company confirms that it has filed a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934 (the “Exchange Act”)) ("Form 25") with the U.S. Securities and Exchange Commission (the "SEC"). The Company expects its reporting obligations under Section 12(b) of the Exchange Act to be suspended on or about April 14, 2023 (approximately 10 days after filing the Form 25).

The Company confirms that it is not subject to any insolvency proceedings at this time and that there is no other material information concerning its affairs that have not been generally disclosed.