Titan Medical begins process to move to the TSX Venture Exchange
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) ha annunciato la sua intenzione di rimuovere volontariamente le proprie azioni ordinarie dalla Borsa di Toronto (TSX) e trasferirle alla Borsa TSX Venture (TSXV). Questa decisione fa parte dell'acquisizione proposta da Titan di Conavi Medical Inc. tramite un'amalgamazione a tre angoli, che si tradurrà in un'acquisizione per inverso. Si prevede che la delisting dalla TSX avvenga tra il 4 ottobre 2024 e il 10 ottobre 2024.
Successivamente alla transazione, l'azienda sarà rinominata Conavi Medical Corp. Il consiglio di amministrazione di Titan crede che mantenere la quotazione alla TSX non offra vantaggi sufficienti per giustificare i costi associati. L'azienda ha ricevuto l'approvazione condizionata per la quotazione dalla TSXV e le negoziazioni su questo mercato dovrebbero iniziare il giorno lavorativo successivo alla delisting dalla TSX. Titan rimarrà un emittente riportante in Canada e continuerà a fornire comunicazioni regolari come richiesto dalle leggi canadesi sui valori mobiliari.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) ha anunciado su intención de eliminar voluntariamente sus acciones comunes de la Bolsa de Toronto (TSX) y trasladarse a la Bolsa TSX Venture (TSXV). Esta decisión forma parte de la adquisición propuesta de Titan de Conavi Medical Inc. a través de una amalgama de tres partes, lo que resultará en una adquisición inversa. Se espera que la eliminación de la TSX ocurra entre 4 de octubre de 2024 y 10 de octubre de 2024.
Después de la transacción, la empresa será renombrada Conavi Medical Corp. La junta directiva de Titan cree que mantener la cotización en la TSX no ofrece suficientes beneficios como para justificar los costos asociados. La empresa ha recibido aprobación condicional para la cotización de la TSXV, y se espera que la negociación en esta bolsa comience el siguiente día hábil después de la eliminación de la TSX. Titan seguirá siendo un emisor informado en Canadá y continuará proporcionando divulgaciones regulares según lo exigen las leyes canadienses de valores.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF)는 토론토 증권 거래소(TSX)에서 자사의 보통주를 자발적으로 상장 폐지하고 TSX 벤처 거래소(TSXV)로 이전할 계획을 발표했습니다. 이 결정은 Titan이 Conavi Medical Inc.를 세 방향 합병을 통해 인수하려는 제안의 일환으로, 이로 인해 역인수합병이 발생할 것입니다. TSX에서의 상장 폐지는 2024년 10월 4일과 2024년 10월 10일 사이에 발생할 것으로 예상됩니다.
거래가 완료된 후, 회사는 Conavi Medical Corp로 이름을 변경합니다. Titan의 이사회는 TSX 상장을 유지하는 것이 관련 비용을 정당화할 만큼의 충분한 이점을 제공하지 않는다고 생각합니다. 이 회사는 TSXV의 조건부 상장 승인을 받았으며, TSX 상장 폐지 이후 다음 영업일부터 이 거래소에서 거래가 시작될 것으로 예상됩니다. Titan은 캐나다에서 계속해서 보고하는 발행자로 남을 것이며, 캐나다 증권 법률에 의해 요구되는 정기적인 공시를 계속 제공할 것입니다.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) a annoncé son intention de retirer volontairement ses actions ordinaires de la Bourse de Toronto (TSX) et de les transférer à la Bourse TSX Venture (TSXV). Cette décision fait partie de l'acquisition proposée par Titan de Conavi Medical Inc. par le biais d'une fusion à trois coins, ce qui aboutira à une prise de contrôle inversée. Le retrait de la TSX devrait avoir lieu entre le 4 octobre 2024 et le 10 octobre 2024.
Suite à la transaction, l'entreprise sera renommée Conavi Medical Corp. Le conseil d'administration de Titan estime que le maintien de la cotation à la TSX ne présente pas de bénéfices suffisants pour justifier les coûts associés. L'entreprise a obtenu une approbation de cotation conditionnelle de la TSXV, et le commerce sur cette bourse devrait commencer le jour ouvrable suivant le retrait de la TSX. Titan continuera d'être un émetteur rapportant au Canada et continuera à fournir des divulgations régulières comme l'exigent les lois canadiennes sur les valeurs mobilières.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) hat seine Absicht bekannt gegeben, die Stammaktien freiwillig von der Toronto Stock Exchange (TSX) abzulehnen und zur TSX Venture Exchange (TSXV) zu wechseln. Diese Entscheidung ist Teil der vorgeschlagenen Übernahme von Conavi Medical Inc. durch Titan im Rahmen einer dreieckigen Fusion, die zu einer Umkehrübernahme führen wird. Die Delisting von der TSX wird voraussichtlich zwischen 4. Oktober 2024 und 10. Oktober 2024 stattfinden.
Nach der Transaktion wird das Unternehmen in Conavi Medical Corp umbenannt. Der Vorstand von Titan ist der Ansicht, dass die Beibehaltung der TSX-Notierung nicht genügend Vorteile bietet, um die damit verbundenen Kosten zu rechtfertigen. Das Unternehmen hat eine bedingte Notierungsgenehmigung von der TSXV erhalten, und der Handel an dieser Börse wird voraussichtlich am nächsten Geschäftstag nach dem Delisting von der TSX beginnen. Titan wird ein berichtspflichtiger Emittent in Kanada bleiben und weiterhin regelmäßig die Offenlegung gemäß den kanadischen Wertpapiergesetzen bereitstellen.
- Titan Medical has received conditional listing approval from the TSX Venture Exchange
- The company will maintain its status as a reporting issuer in Canada, ensuring continued transparency
- Voluntary delisting from the Toronto Stock Exchange may be perceived negatively by some investors
- The move to the TSX Venture Exchange could potentially reduce visibility and liquidity for the stock
TORONTO, Ontario, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) announces that its board of directors (the “Board”) has approved the voluntary delisting (the “Delisting”) of Titan’s common shares (the “Titan Shares”) from the Toronto Stock Exchange (the “TSX”). Subject to approval by the TSX and the completion of all closing conditions for the Transaction (defined below) it is expected that the Titan Shares will be delisted from the TSX effective as of close of markets between October 4, 2024 and October 10, 2024.
Titan remains a “reporting issuer” in Canada and will continue to provide regular comprehensive disclosure pursuant to applicable Canadian securities laws.
Titan intends to change the listing of the Titan Shares to the TSX Venture Exchange (“TSXV”), in connection with its proposed acquisition of all of the issued and outstanding shares of Conavi Medical Inc. (“Conavi”) by way of a three-cornered amalgamation under which 1000824255 Ontario Inc. (“Subco”), a wholly owned subsidiary of Titan, will amalgamate with Conavi and continue as one entity and Conavi shareholders will receive Titan Shares (the “Transaction”). In connection with the closing of the Transaction, post-Transaction Titan (the “Resulting Issuer”) is expected to be renamed as Conavi Medical Corp. The Transaction will be conducted pursuant to the terms of a definitive agreement entered into between Titan, Conavi, and Subco on March 17, 2024, as amended (the “Amalgamation Agreement”) and will constitute a “reverse take-over” of Titan within the policies of the TSXV. Having received conditional listing approval from the TSXV, it is intended that the Resulting Issuer shares will begin trading on the TSXV on the next business day following the TSX delisting date.
Titan’s decision to voluntarily delist its stock from the TSX was as a result of considering the Resulting Issuer’s ability to meet ongoing listing requirements (where the Resulting Issuer is expected to satisfy TSXV (rather than TSX) requirements upon completion of the reverse takeover) and the Board’s view that maintaining the TSX listing does not offer sufficient benefits to Titan and its shareholders to justify the expenses and administrative costs for the continued TSX listing. The Company is not required to seek security holder approval for the Delisting since the Resulting Issuer Shares are anticipated to trade on the TSXV.
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 while pursuing the completion of its agreed upon merger with Conavi Medical Inc.
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: Titan’s expectation that the Delisting will be approved by the TSX and the expected effective date therefor, the Transaction and certain terms and conditions thereof, including, but not limited to, TSXV approval and closing of the Transaction and the anticipated listing on the TSXV; and the business of Titan and Conavi.
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 continue to license some or all its intellectual property to third parties, the receipt of required approvals from the TSXV or 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 joint management information circular in respect of the Transaction dated August 30, 2024 (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.
Contact
Titan Medical Inc.
Chien Huang
Chief Financial Officer
investors@titanmedicalinc.com
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