The robotic surgery system developer plans to appeal the determination by requesting a hearing by June 4.
Nasdaq, according to Titan Medical, claimed that the company had failed to comply with a rule that listed companies must have a minimum of $2.5 million in stockholders’ equity, $35 million in market value of listed securities, or $500,000 in net income from continuing operations.
Titan Medical will continue to trade on the Toronto Stock Exchange.
Titan Medical lost nearly half its stock value in October 2019 after suspending the timeline for bringing its Sport robot-assisted surgery device to market due to lack of funds. CEO David McNally said in February that the company needed $85 million to finish developing its Sport robot-assisted surgery device and file for FDA clearance. The company said May 14 that it has raised nearly $5 million in recent months.