Titan Medical Inc (TMDIF)

[FISH21049]

Titan Medical Provides Bi-Weekly MCTO Status Update

TMDIF
0.00%
Titan Medical Inc.
Mon, April 17, 2023 at 6:30 AM CDT

TORONTO, Ontario, April 17, 2023 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan” or the “Company”) (TSX: TMD; OTC: TMDIF) is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”).

On March 22, 2023, and as further updated on April 3, 2023, the Company announced (the “Default Announcement”) that under NP 12-203 it had applied to the Ontario Securities Commission (the “OSC”) requesting a management cease trade order (“MCTO”) be imposed in respect of the late filing of 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”). The MCTO was granted by the OSC on April 3, 2023. The Company continues to work closely with its auditor and expects to file the Annual Filing Documents on or about May 19, 2023.

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.

Other than a change in the number of its employees it retains, which now are 12, the Company confirms that: (a) there are no material changes to the information contained in the Default Announcement; (b) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203; (c) there has not been any other specified default by the Company under NP 12-203. The Company is working to complete the Annual Filing Documents and there is no material information concerning the affairs of the Company that has not been generally disclosed.

The Company will continue to issue bi-weekly default status reports as required.