Home Business News Titan Medical Publicizes Government Management Updates and Receipt of Nasdaq Notification Concerning Audit Committee Necessities

Titan Medical Publicizes Government Management Updates and Receipt of Nasdaq Notification Concerning Audit Committee Necessities

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Titan Medical Publicizes Government Management Updates and Receipt of Nasdaq Notification Concerning Audit Committee Necessities

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Toronto, Ontario, Feb. 14, 2023 (GLOBE NEWSWIRE) — Titan Medical Inc. (the “Firm” or “Titan”) (Nasdaq: TMDI; TSX: TMD) immediately introduced senior management modifications and the receipt of a notification from the Nasdaq Inventory Market LLC Itemizing {Qualifications} Division stating that following the resignation of Heather Knight from the Firm’s board of administrators and audit committee, the Firm now not complies with Nasdaq’s audit committee requirement set forth in Nasdaq Rule 5605.

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Senior Management Modifications

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Following the announcement of February 8, 2023, the Firm has determined to layoff sure members of the Firm’s senior management crew. Every of those people stay out there to help the Firm as impartial consultants. The next modifications are efficient instantly:

  • Tammy Carrea is now not VP, High quality and Regulatory Affairs of the Firm. Ms. Carrea will proceed to help the Firm, as wanted, as an impartial advisor with high quality and regulatory issues, and to help with the strategic evaluation course of;
  • Kristen Galfetti is now not VP, Investor Relations and Company Communications of the Firm. Ms. Galfetti will proceed to help the Firm, as wanted, as an impartial advisor with investor relations and company communications, and to help with the strategic evaluation course of;
  • Eric Heinz is now not VP, Market and Company Growth of the Firm. Mr. Heinz will proceed to help the Firm, as wanted, as an impartial advisor with company improvement actions, and to help with the strategic evaluation course of; and
  • Chris Seibert is now not VP, Upstream Advertising of the Firm. Mr. Seibert will proceed to help the Firm, as wanted, as an impartial advisor with scientific and upstream advertising and marketing, and to help with the strategic evaluation course of.

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“I want to thank Tammy, Kristen, Eric and Chris for his or her contributions to Titan Medical and their continued professionalism,” mentioned Cary Vance, President and CEO of Titan Medical. “This was an especially tough determination, and I’m grateful that every of those proficient people will proceed to be out there in consulting roles to help the Firm through the strategic evaluation course of.”

Nasdaq Notification Re: Itemizing Rule 5605

Nasdaq Itemizing Rule 5605(b)(1) states that the Firm’s board of administrators should encompass a majority impartial administrators and Itemizing Rule 5605(c)(2) states that the Firm’s audit committee should encompass a minimum of three members, all of whom are impartial. Following Ms. Heather Knight’s resignation, the Firm’s audit committee consists of solely two members who’re impartial administrators as outlined in Rule 5605(a)(2).

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Nonetheless, in accordance with Itemizing Rule 5605(c)(4), Nasdaq has offered the Firm a remedy interval as a way to regain compliance, being the sooner of the Firm’s subsequent annual shareholders’ assembly or February 7, 2024; or if the subsequent annual shareholders’ assembly is held earlier than August 7, 2023, then the Firm should proof compliance no later than August 7, 2023.

The Firm can be listed on the Toronto Inventory Alternate and the notification letter doesn’t have an effect on the Firm’s compliance standing with such itemizing.

About Titan Medical

Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD), a medical gadget firm headquartered in Toronto, Ontario with operations in Chapel Hill, North Carolina, was centered on enhancing robotic assisted surgical procedure (RAS) utilizing modern expertise by means of a single entry level. The Enos™ robotic single entry surgical system was being developed with an ergonomic focus to offer a surgical expertise that imitates real-life actions that surgeons demand and contains multi-articulating devices designed to permit surgeons an elevated vary of movement in a confined house, with dexterity and the power to exert the forces crucial to finish widespread surgical duties. On November 30, 2022, the Firm introduced the graduation of a strategic evaluation course of that thought-about a full vary of strategic options together with company sale, merger or different enterprise mixture, a sale of all or a portion of the Firm’s property, strategic funding or different important transaction.

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Enos™ is a trademark of Titan Medical Inc.

For extra info, go to www.titanmedicalinc.com.

Ahead-Trying Statements

This information launch incorporates “forward-looking statements” throughout the that means of relevant Canadian and U.S. securities legal guidelines, which replicate the present expectations of administration of the Firm’s future development, outcomes of operations, efficiency and enterprise prospects and alternatives. Ahead-looking statements are continuously, however not all the time, recognized by phrases resembling “might”, “would”, “may”, “will”, “anticipate”, “consider”, “plan”, “count on”, “intend”, “estimate”, “potential for” and related expressions, though these phrases is probably not current in all forward-looking statements. Ahead-looking statements that seem on this launch might embody, with out limitation, references to: the Firm’s strategic evaluation course of and the outcome thereof; the supply of Mr. Eric Heinz, Mr. Chris Seibert, Ms. Tammy Carrea or Ms. Kristen Galfetti as consultants to the Firm, together with for the needs of supporting the strategic evaluation course of; the Firm’s means to regain compliance with Nasdaq Itemizing Rule 5606; and the Enos™ system offering a surgical expertise that imitates real-life actions.

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These forward-looking statements replicate administration’s present beliefs with respect to future occasions and are primarily based on info at the moment out there to administration that, whereas thought-about cheap by administration as of the date on which the statements are made, are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies which may end in actions, occasions, situations, outcomes, efficiency or achievements to be materially totally different from these projected within the forward-looking statements. Ahead-looking statements contain important dangers, uncertainties and assumptions and lots of elements may trigger the Firm’s precise outcomes, efficiency or achievements to be materially totally different from any future outcomes, efficiency or achievements which may be expressed or implied by such forward-looking statements. Such elements and assumptions embody, however are usually not restricted to, the Firm’s means to retain key personnel; its means to execute on its enterprise plans and methods; the sufficiency of its working capital to proceed to fund its operations throughout its strategic evaluation course of and different elements listed within the “Danger Elements” part of the Firm’s Annual Report for the fiscal 12 months ended December 31, 2021 (which can be considered at www.sedar.com and at www.sec.gov). Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying the forward-looking statements show incorrect, precise outcomes, efficiency, or achievements might range materially from these expressed or implied by the forward-looking statements contained on this information launch. These elements must be thought-about fastidiously, and potential traders shouldn’t place undue reliance on the forward-looking statements.

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Though the forward-looking statements contained within the information launch are primarily based upon what administration at the moment believes to be cheap assumptions and the Firm has tried to establish essential elements that might trigger precise actions, occasions, situations, outcomes, efficiency or achievements to vary materially from these described in forward-looking statements, the Firm can not guarantee potential traders that precise outcomes, efficiency or achievements can be per these forward-looking statements. Besides as required by regulation, the Firm expressly disclaims any intention or obligation to replace or revise any forward-looking statements whether or not on account of new info, future occasions or in any other case. Accordingly, traders shouldn’t place undue reliance on forward-looking statements. All of the forward-looking statements are expressly certified by the foregoing cautionary statements.

Contact
Stephen Lemieux
Chief Monetary Officer
traders@titanmedicalinc.com

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