Titan Provides Update on Planned Merger with Conavi
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TORONTO, Ontario, April 22, 2024 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) is pleased to provide this update on its planned merger with Conavi Medical Inc. (“Conavi”) as previously announced on March 18, 2024 (the “Transaction”).
As previously announced, Titan has entered into a definitive amalgamation agreement (the “Amalgamation Agreement”) dated March 17, 2024 with Conavi Medical Inc. (“Conavi”) providing for the combination of the companies in an all-stock transaction. The combined company will focus on continuing to commercialize Conavi’s Novasight Hybrid™ System designed to guide common minimally invasive coronary procedures.
Titan and Conavi continue to work towards the satisfaction of the conditions to completion of the Transaction set forth in the Amalgamation Agreement, including the parties’ work currently underway in respect of the following:
- Preparation of submissions to the TSXV in connection with Titan’s planned applications for the listing of its common shares on the TSX Venture Exchange (the “TSXV”) and their delisting from the Toronto Stock Exchange (the “TSX”) and for TSXV approval of the Transaction;
- Completion of Titan’s management information circular (the “Titan Circular”) and related documents in connection with Titan’s annual and special meeting at which Titan’s shareholders will be asked to approve the Transaction and other related matters; and
- Conavi’s efforts in connection with a concurrent financing of subscription receipts (convertible into Conavi Shares immediately prior to completion of the Transaction), the terms of which will be announced at a later date (the “Concurrent Financing”), for minimum gross proceeds of US
$15 million up to a maximum of US$20 million .
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.
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: continued commercialization of Conavi’s Novasight Hybrid™ System, Titan evaluating new opportunities to further develop and license its intellectual property, the continued work of Titan and Conavi towards the completion of the Transaction, delisting from the TSX and listing on the TSXV, preparation of the Titan Circular and Conavi’s Concurrent Financing.
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, no assurances as to the 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 (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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