TMDI - TMDI STOCK NEWS

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) announced a default status report following a management cease trade order (MCTO) by the Ontario Securities Commission due to delayed annual financial statements for the year ended December 31, 2022. The order restricts trading by the CEO and CFO, but shareholders can still trade their securities. Titan expects to file the required documents by May 19, 2023. The company confirmed no material changes since the last announcement and will provide bi-weekly updates. It continues efforts to secure strategic alternatives after a recent review showed no interested parties, prompting cost-cutting measures and layoffs of senior management.

Titan Medical Inc. (TMDI) announced a management cease trade order (MCTO) issued by the Ontario Securities Commission due to the late filing of its annual financial statements for the year ended December 31, 2022. The MCTO restricts trading by the CEO and CFO until the Annual Filing Documents are received by the OSC. The company has filed a Form 25 with the SEC to suspend its reporting obligations under the Exchange Act, effective approximately April 14, 2023. Titan is not currently in any insolvency proceedings and will issue bi-weekly reports during the MCTO period.

Titan Medical Inc. (TMD) announced an update regarding its annual filings, indicating a delay in submitting its financial statements for the fiscal year ending December 31, 2022. The company has applied for a management cease trade order (MCTO) to address this late filing, aiming to complete it by May 19, 2023. Titan retains 14 employees focusing on potential asset sales and maintaining compliance. The firm’s strategic review process revealed no interest from potential buyers, leading to cost-cutting measures and layoffs among senior management. The company confirms it is not facing insolvency and is actively preparing its annual filings.

Titan Medical announced it will not file its annual financial statements for the year ended December 31, 2022, due to financial challenges. The company has applied for a management cease trade order (MCTO) from the Ontario Securities Commission, which would prevent its officers from trading securities until the filings are submitted. Titan Medical expects to remedy the default by May 19, 2023, and will comply with alternative guidelines during this period. Additionally, it plans to file Form 25 with the SEC around April 3, 2023, to suspend its reporting obligations under the Exchange Act. The company continues to explore asset sales following an unsuccessful strategic review.

Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD) has announced that its common shares will be delisted from Nasdaq effective March 10, 2023, due to non-compliance with the minimum bid price requirement. The decision follows a series of notices and a hearing where the Company sought to appeal the delisting. Although trading will be suspended on Nasdaq, Titan's shares will continue to trade on the Toronto Stock Exchange and are expected to be quoted on the OTC Markets under the symbol 'TMDIF'. The Company is currently evaluating its options regarding the appeal process and has implemented cost-cutting measures following an unsuccessful strategic review.

Titan Medical Inc. (TMDI) announced senior leadership changes and received a notification from Nasdaq regarding compliance issues with audit committee requirements. Following the resignation of Heather Knight, the company is down to two independent directors, breaching Nasdaq's Listing Rule 5605. To address this, Titan has a cure period until its next annual shareholders' meeting or February 7, 2024. The company is undergoing a strategic review process considering various alternatives. The layoffs of several senior leaders will lead them to serve as independent consultants during this transition.

Titan Medical Inc. (TMDI) announced updates on its strategic review process aimed at evaluating alternatives to enhance stakeholder value. Despite outreach to over 40 potential buyers, no firm proposals were submitted. As a result, the Company will focus on selling its assets, including a substantial intellectual property portfolio of 235 patents. Immediate cost-cutting measures include laying off 48 employees, leaving 18 to manage critical obligations and continue to support any potential transactions. The development of its Enos™ robotic surgical system has been halted due to financial constraints. Additionally, Heather Knight resigned from the Board of Directors.

Titan Medical Inc. (Nasdaq: TMDI; TSX: TMD) announced its next-generation surgical technology at the 41st Annual J.P. Morgan Healthcare Conference in San Francisco. The company is focused on single-access robotic-assisted surgery (RAS) and is engaging with strategic buyers and investors regarding its three-arm Enos™ system. This innovative robotic system is aimed at enhancing surgical procedures, particularly in gynecology. The strategic review process initiated in November 2022 will explore alternatives including mergers and asset sales.