The Toronto-based company said that it floated approximately 7.4 million units in the offering at a price of $3.40 per unit. Each unit offered was comprised of a single common share of the company and a warrant for an additional common share at a price of $4, set to expire on March 20, 2024.
The offering included a fully-exercised over-allotment option through which the company floated an additional 1.1 million units for an additional approximate $3.8 million, Titan Medical said, bringing the total raised up to approximately $28.8 million.
Shares offered in the round were listed and posted for trading on both the Toronto Stock Exchange under the symbol “TMD” and on the Nasdaq Capital Market under the symbol “TMDI,” according to a press release.
Last month, Titan Medical said that it is hoping to launch an FDA investigational device exemption trial of its Sport robotic surgery platform by the fourth quarter of this year.