Titan Medical (TSX:TMD;OTC:TITFX) said yesterday that it inked a share purchase agreement with Aspire Capital worth up to $35 million.
In the deal, Aspire Capital committed to purchase Titan stock up to the $35 million mark until Feb. 28, 2022, at Titan’s request. Titan plans to immediately sell Aspire Capital nearly 1.8 million shares at $1.69 per share for gross proceeds of $3.0 million.
TMDI shares took a hit earlier this week when the Toronto-based company announced a delay in the regulatory timeline for its Sport robot-assisted surgery device, pushing it back from the end of this year to the first half of 2020.
The stock was up 1.0% on $1.99 in early-morning trading in New York CIty; TMD shares were up 1.2% to C$2.61 in Toronto.
