TITAN MEDICAL INC ORD - TMDIF STOCK NEWS

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) announced significant changes to its Board of Directors following its annual general meeting on September 30, 2024. In accordance with Titan's Majority Voting Policy, four directors - Anthony Giovinazzo, Cathy Steiner, Cary Vance, and Paul Cataford - tendered their resignations. The Corporate Governance and Nominating Committee must consider these resignations and make recommendations to the Board within 90 days.

Due to corporate law requirements and securities regulations, Titan must maintain a minimum of three directors and an audit committee with at least three independent directors. As a result, the Board has only accepted the resignations of Paul Cataford (Board Chairman) and Cary Vance, effective immediately. The company is now in a transitional period as it navigates these leadership changes while ensuring compliance with governance rules and policies.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) held its Annual General and Special Meeting (AGM) on September 30, 2024, where shareholders voted on several key resolutions. The meeting, conducted virtually, saw 52.85% of issued and outstanding shares represented. Shareholders approved all management resolutions proposed, including:

1. Election of directors (with some nominees not receiving majority votes)
2. Appointment of MNP LLP as auditors
3. Change of company name to 'Conavi Medical Inc.'
4. Approval of the Transaction with Conavi Medical Inc.
5. New equity incentive plan
6. Share consolidation on a 1:25 basis

Notably, the Transaction Resolution received 73.75% votes in favor, while the Consolidation Resolution was approved with 67.94% support. The company will provide further information regarding directors who did not receive majority votes, in accordance with its Majority Voting Policy and TSX rules.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) has announced its intention to voluntarily delist its common shares from the Toronto Stock Exchange (TSX) and move to the TSX Venture Exchange (TSXV). This decision is part of Titan's proposed acquisition of Conavi Medical Inc. through a three-cornered amalgamation, which will result in a reverse takeover. The delisting from TSX is expected to occur between October 4, 2024, and October 10, 2024.

Following the transaction, the company will be renamed Conavi Medical Corp. Titan's board of directors believes that maintaining the TSX listing does not offer sufficient benefits to justify the associated costs. The company has received conditional listing approval from the TSXV, and trading on this exchange is expected to begin on the next business day after the TSX delisting. Titan will remain a reporting issuer in Canada and continue to provide regular disclosure as required by Canadian securities laws.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) announced that Conavi Medical Inc. shareholders have approved the proposed amalgamation between the two companies in an all-stock transaction. The approval was obtained at a special meeting of Conavi shareholders, with 100% of the shares voted in favor of the proposal. This transaction will constitute a reverse takeover of Titan.

The completion of the transaction remains subject to several conditions, including satisfaction of TSXV requirements, closing conditions in the Amalgamation Agreement, completion of Conavi's concurrent private placement financing, and approval from Titan's shareholders. Titan will hold its annual general and special meeting on September 30, 2024, at 4:00 p.m. Eastern Time via audio webcast for shareholders to vote on the transaction.

Independent proxy advisors ISS and Glass, Lewis & Co. have recommended that Titan's shareholders vote FOR the Amalgamation. The closing of the transaction is expected to provide shareholders with an opportunity to participate in a new venture with strong institutional backing, newly invested cash, new management, new products, and new technology.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) has issued a reminder for shareholders to vote ahead of the company's annual and special shareholders meeting scheduled for Monday, September 30, 2024. Currently, less than half of Titan's common shares have been voted in advance of the meeting. The company urges shareholders to VOTE TODAY.

The Management Information Circular and related materials for the meeting are available on Titan's website and under the company's SEDAR+ profile. A recording of the September 19, 2024 Shareholders Q&A session is also accessible on Titan's website. Shareholders requiring assistance with voting or having questions about the meeting can contact Shorecrest Group via phone or email.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) has announced that Conavi Medical Inc. will join their upcoming Q&A session on September 19, 2024, at 5:00 pm ET. This session is related to the proposed business combination between Titan and Conavi, which will be considered at Titan's annual general meeting on September 30, 2024.

The event will feature a presentation by Conavi, followed by prepared remarks from Titan and a Q&A session. Paul Cataford, Interim President and CEO, and Chien Huang, Chief Financial Officer, will represent Titan. Shareholders can submit questions until September 17, 2024, at 1:00 pm ET.

Tom Looby, CEO of Conavi, will present information on the company, including their patented Novasight Hybrid™ System for minimally invasive cardiovascular procedures.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) has announced a webcast Q&A session scheduled for September 19, 2024, at 5:00 pm ET. This session follows the filing and mailing of the management information circular, which was announced on September 6, 2024. Paul Cataford, Interim President and CEO, and Chien Huang, Chief Financial Officer, will represent Titan during the session.

Shareholders are invited to submit questions in advance to investors@titanmedicalinc.com until September 17, 2024, at 1:00 pm ET. The live audio webcast link will be available on the company's website under the "Investors Relations" section.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) has filed and mailed its management information circular for the proposed amalgamation with Conavi Medical Inc. The all-stock transaction, constituting a reverse takeover of Titan, is set for shareholder approval at the annual general and special meeting on September 30, 2024. Key benefits include:

• Investment in a company with growing market potential
• Continued material interest for Titan shareholders
• Strong leadership team with relevant experience
• Minimum $7.5 million concurrent financing

The Titan board unanimously recommends shareholders vote in favor of the transaction, supported by a fairness opinion from Raymond James.

Titan Medical Inc. (TSX: TMD; OTC: TMDIF) reported financial results for Q2 2024. Key highlights include:

1. Cash position of $3.9 million as of June 30, 2024, down from $7.5 million on December 31, 2023.

2. Working capital decreased to $3.3 million from $5.5 million.

3. R&D expenses were nil for Q2 2024, compared to $0.4 million in Q2 2023.

4. G&A expenses reduced to $1.1 million for Q2 2024, down from $4.3 million in Q2 2023.

5. The company announced multiple amendments to the amalgamation agreement with Conavi Medical Inc., including extending the completion date to October 10, 2024, and reducing the minimum concurrent financing from $15 million to $7.5 million.