Conavi Medical Shareholders Approve the Proposed Amalgamation Between Titan and Conavi
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) ha annunciato che gli azionisti di Conavi Medical Inc. hanno approvato la proposta di amalgama tra le due aziende in una transazione completamente azionaria. L’approvazione è stata ottenuta in occasione di un'assemblea speciale degli azionisti di Conavi, con il 100% delle azioni votate a favore della proposta. Questa transazione costituirà una fusione inversa di Titan.
Il completamento della transazione rimane soggetto a diverse condizioni, comprese la soddisfazione dei requisiti del TSXV, le condizioni di chiusura nell’Accordo di Amalgama, il completamento del finanziamento di collocamento privato contemporaneo di Conavi e l'approvazione da parte degli azionisti di Titan. Titan terrà la sua assemblea generale annuale e speciale il 30 settembre 2024, alle 16:00 ora orientale tramite webcast audio affinché gli azionisti possano votare sulla transazione.
Gli advisor indipendenti ISS e Glass, Lewis & Co. hanno raccomandato che gli azionisti di Titan votino a favore dell’Amalgama. La chiusura della transazione è prevista per offrire agli azionisti l'opportunità di partecipare a una nuova iniziativa con un forte sostegno istituzionale, nuovi investimenti in contante, una nuova gestione, nuovi prodotti e nuove tecnologie.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) anunció que los accionistas de Conavi Medical Inc. han aprobado la fusión propuesta entre las dos compañías en una transacción completamente en acciones. La aprobación se obtuvo en una reunión especial de accionistas de Conavi, donde el 100% de las acciones votaron a favor de la propuesta. Esta transacción constituirá una adquisición inversa de Titan.
La finalización de la transacción está sujeta a varias condiciones, incluyendo el cumplimiento de los requisitos del TSXV, las condiciones de cierre en el Acuerdo de Fusión, la finalización del financiamiento privado simultáneo de Conavi, y la aprobación de los accionistas de Titan. Titan llevará a cabo su reunión general anual y especial el 30 de septiembre de 2024, a las 16:00 hora del Este a través de una transmisión de audio para que los accionistas voten sobre la transacción.
Los asesores independientes ISS y Glass, Lewis & Co. han recomendado que los accionistas de Titan voten A FAVOR de la Fusión. Se espera que el cierre de la transacción brinde a los accionistas la oportunidad de participar en un nuevo emprendimiento con un fuerte respaldo institucional, nuevo capital invertido, nuevas direcciones, nuevos productos y nuevas tecnologías.
타이탄 메디컬(Titan Medical Inc. (TSX: TMD; OTC: TMDIF))은 코나비 메디컬(Conavi Medical Inc.) 주주들이 두 회사 간의 제안된 합병을 주식 거래로 승인했다고 발표했습니다. 승인은 코나비 주주들의 특별 회의에서 얻었으며, 100%의 주식이 제안에 찬성했습니다. 이 거래는 타이탄의 역전 인수 형태가 될 것입니다.
거래의 완료는 TSXV 요구 사항의 충족, 합병 계약의 종료 조건, 코나비의 동시 사모 자금 조달 완료 및 타이탄 주주들의 승인 등 여러 조건에 따라 달라집니다. 타이탄은 2024년 9월 30일 동부 표준시 오후 4시에 주주들이 거래에 대해 투표할 수 있도록 오디오 웨비나를 통해 연례 총회 및 특별 회의를 개최할 것입니다.
독립적인 위임 상담사인 ISS와 Glass, Lewis & Co.는 타이탄의 주주들에게 합병에 찬성 투표를 하도록 추천했습니다. 거래의 종료는 주주들이 강력한 기관 지원, 신규 투자 현금, 새로운 경영진, 새로운 제품 및 새로운 기술을 갖춘 새로운 벤처에 참여할 기회를 제공할 것으로 예상됩니다.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) a annoncé que les actionnaires de Conavi Medical Inc. ont approuvé la fusion proposée entre les deux sociétés dans le cadre d'une transaction entièrement par actions. L'approbation a été obtenue lors d'une assemblée spéciale des actionnaires de Conavi, où 100 % des actions ont voté en faveur de la proposition. Cette transaction constituera une prise de contrôle inversée de Titan.
La réalisation de la transaction reste soumise à plusieurs conditions, notamment le respect des exigences du TSXV, les conditions de clôture dans l'Accord de Fusion, le financement privé concomitant de Conavi et l'approbation des actionnaires de Titan. Titan tiendra son assemblée générale annuelle et spéciale le 30 septembre 2024 à 16h00 heure de l'Est via un webinaire audio pour que les actionnaires puissent voter sur la transaction.
Les conseillers indépendants ISS et Glass, Lewis & Co. ont recommandé aux actionnaires de Titan de voter POUR la fusion. La clôture de la transaction devrait offrir aux actionnaires l'opportunité de participer à une nouvelle entreprise bénéficiant d'un solide soutien institutionnel, de nouveaux investissements en cash, une nouvelle direction, de nouveaux produits et de nouvelles technologies.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) gab bekannt, dass die Aktionäre von Conavi Medical Inc. dem vorgeschlagenen Zusammenschluss der beiden Unternehmen in einer rein aktienbasierten Transaktion zugestimmt haben. Die Zustimmung wurde auf einer Sonderversammlung der Aktionäre von Conavi erzielt, wobei 100% der Stimmen für den Vorschlag stimmten. Diese Transaktion wird eine umgekehrte Übernahme von Titan darstellen.
Der Abschluss der Transaktion unterliegt mehreren Bedingungen, darunter die Erfüllung der Anforderungen der TSXV, die Abschlussbedingungen der Fusionsvereinbarung, der Abschluss der gleichzeitigen Privatplatzierungsfinanzierung von Conavi sowie die Genehmigung der Aktionäre von Titan. Titan wird seine jährliche Haupt- und Sonderversammlung am 30. September 2024 um 16:00 Uhr Eastern Time über ein Audio-Webcast abhalten, damit die Aktionäre über die Transaktion abstimmen können.
Unabhängige Proxy-Berater wie ISS und Glass, Lewis & Co. haben empfohlen, dass die Aktionäre von Titan für die Fusion stimmen. Der Abschluss der Transaktion wird voraussichtlich den Aktionären die Möglichkeit geben, an einem neuen Unternehmen mit starker institutioneller Unterstützung, neu investiertem Kapital, neuem Management, neuen Produkten und neuer Technologie teilzunehmen.
- 100% of Conavi shareholders voted in favor of the amalgamation
- Independent proxy advisors ISS and Glass, Lewis & Co. recommend Titan shareholders vote FOR the amalgamation
- Transaction offers opportunity for shareholders to participate in a new venture with strong institutional backing and new technology
- Transaction still subject to several conditions, including TSXV requirements and Titan shareholder approval
- Reverse takeover of Titan by Conavi may dilute existing Titan shareholders
Titan’s respective annual general and special meeting of shareholders to vote on the amalgamation transaction to take place on September 30, 2024, at 4:00 p.m. Eastern Time
TORONTO, Ontario, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) is pleased to announce that Conavi Medical Inc. (“Conavi”) has received the requisite shareholder approval required to proceed with the proposed combination of Titan and Conavi (the “Amalgamation”) in an all-stock transaction (the “Transaction”). This Transaction will constitute a reverse takeover of Titan.
The Conavi shareholder approval of the Amalgamation was obtained at a special meeting of its shareholders (the “Conavi Special Meeting”) held today, September 26, 2024.
"We would like to thank our shareholders for their continued trust and support,” commented Tom Looby, Chief Executive Officer of Conavi. “This vote underscores their confidence in the Amalgamation with Titan and the exciting commercial path we have set for the future of our proprietary Novasight Hybrid™ System, the first technology platform to combine both IVUS and OCT to enable simultaneous and co-registered imaging of coronary arteries.”
“The completion of the Conavi shareholder approval is another important step in the process to close the Transaction” said Paul Cataford, Titan’s Interim CEO and Board Chairman. “Such a high approval for all shareholder resolutions is demonstrative of a high level of commitment and engagement for the shareholder base of a combined company”.
The completion of the Transaction remains subject to, among other things, satisfaction of the requirements in the TSX Venture Exchange’s (“TSXV”) conditional approval letter and the closing conditions described in the Amalgamation Agreement, as amended, including completion of Conavi’s concurrent private placement financing transaction (the “Concurrent Financing”) and the approval of Titan’s shareholders.
As previously announced on September 16 and September 19, 2024, independent proxy advisors, Institutional Shareholder Service (ISS) and Glass, Lewis & Co., have recommended that Titan’s shareholders vote FOR the Amalgamation.
Titan Shareholder Meeting
Titan will hold its annual general and special meeting of shareholders (the “Meeting”) on September 30, 2024, at 4:00 p.m. Eastern Time via audio webcast at https://web.lumiagm.com/449188251. Shareholders of record as of August 26, 2024 will have the ability to vote and to participate in the virtual meeting as explained in the joint management information circular in respect of the Transaction dated August 30, 2024 and which may be viewed at www.sedarplus.com (the “Circular”).
This vote is important. Shareholders will be asked to approve the Transaction. Closing of the Transaction will provide Shareholders the opportunity to participate in a new venture with strong institutional backing, newly invested cash, new management, new products, and new technology. Closing of the Transaction is conditional on the approval of all resolutions by Titan shareholders.
Titan shareholders are encouraged to review the Circular carefully and to vote in advance of the voting deadline of 4:00 p.m. Eastern Time on September 26, 2024.
Shareholder Questions
Shareholders are reminded that a webcast archive of the SHAREHOLDER QUESTION AND ANSWER SESSION, which took place on September 19, 2024, is accessible here.
Shareholders who have any questions about the Meeting, or require assistance with voting, may contact Shorecrest Group by telephone at 1-888-637-5789 or by email at contact@shorecrestgroup.com.
VOTE TODAY
Don’t Delay. Your vote matters no matter how many shares you own. Please vote by 4:00 pm Eastern Time TODAY.
About Titan Medical
Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical technology company incorporated under the Business Corporations Act (Ontario) and headquartered in Toronto, Ontario, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property.
About Conavi Medical
Conavi Medical Inc. is a privately-owned company focused on designing, manufacturing, and marketing imaging technologies to guide common minimally invasive cardiovascular procedures. Its patented Novasight Hybrid™ System is the first system to combine both IVUS and OCT to enable simultaneous and co-registered imaging of coronary arteries. The Novasight Hybrid System has 510(k) clearance from the U.S. Food and Drug Administration; and regulatory approval for clinical use from Health Canada, China’s National Medical Products Administration, and Japan’s Ministry of Health, Labor and Welfare. For more information, visit http://www.conavi.com/.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws, which reflect the current expectations of management of Titan’s future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are frequently, but not always, identified by words such as “may”, “would”, “could”, “will”, “anticipate”, “believe”, “plan”, “expect”, “intend”, “estimate”, “potential for” and similar expressions, although these words may not be present in all forward-looking statements. Forward-looking statements that appear in this release may include, without limitation, references to: the continued work of Titan and Conavi towards the completion of the Transaction, the completion of the Concurrent Financing and the expected date of the Meeting.
These forward-looking statements reflect management’s current beliefs with respect to future events, and are based on information currently available to management that, while considered reasonable by management as of the date on which the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Forward-looking statements involve significant risks, uncertainties and assumptions and many factors could cause Titan’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Such factors and assumptions include, but are not limited to, Titan’s ability to retain key personnel; its ability to execute on its business plans and strategies; its ability to continue to license some or all its intellectual property to third parties and receive any material consideration; the receipt of required approvals from the TSXV and Titan’s shareholders in connection with the Transaction or change of listing or as to the success of Conavi’s Concurrent Financing (or the terms upon which such financing may be available if at all) and other factors listed in the “Risk Factors” section of Titan’s Annual Information Form for the fiscal year ended December 31, 2023 and in the Circular (each of which may be viewed at www.sedarplus.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance, or achievements may vary materially from those expressed or implied by the forward-looking statements contained in this news release. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in the news release are based upon what management currently believes to be reasonable assumptions and Titan has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, Titan cannot assure prospective investors that actual results, performance or achievements will be consistent with these forward-looking statements. Except as required by law, Titan expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, investors should not place undue reliance on forward-looking statements. All the forward-looking statements are expressly qualified by the foregoing cautionary statements.
Contacts
Titan Medical Inc.
Chien Huang
Chief Financial Officer
investors@titanmedicalinc.com
Conavi Medical Inc.
Stephen Kilmer
Investor Relations
(647) 872-4849
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