Titan Medical (Nasdaq:TMDI) announced today that it received notification of potential delisting from the Nasdaq market.
The Nasdaq Listing Qualifications Staff notified the company of its continued non-compliance with the $1 minimum bid price requirement. Based on this non-compliance (as of Dec. 26, 2022), Nasdaq may delist Titan securities unless the surgical robotics company requests a hearing. This hearing would come before the Nasdaq Hearings Panel.
According to a news release, the surgical robotics company plans to request a hearing in a timely manner. This request holds off further action by the market, at least pending the issuance of the hearing panel’s decision.
Toronto-based Titan said it offers no assurance that the panel grants its request for continued listing. Additionally, it offered no guarantee that the panel will grant an extension to regain compliance. Should Titan receive an extension, it gave no assurance that it will comply with the rule within the granted extension period.
In the event that Titan receives delisting, its securities remain eligible to trade in the U.S. through the OTC Markets system. Titan is also listed on the Toronto Stock Exchange. This Nasdaq notice holds no bearing over Titan’s listing on the TSX.
Shares of TMDI closed today at 74¢ apiece.
Titan Medical’s timeline with the Nasdaq market
Titan Medical underwent the same process in 2020. Nasdaq sent the company a delisting determination letter in May of that year.
In June of this year, Titan received an additional 180 days to regain compliance with listing requirements. That extension period ended on Dec. 26.
Earlier this month, Titan suspended a special meeting of shareholders meant to vote on a share consolidation plan. The company scheduled that meeting for Jan. 12. However, Titan’s management decided to begin a strategic review, with a sale of the company considered a possibility. Titan also announced cost-cutting measures that include furloughing 40 employees.