Titan Medical (CVE:TMD) said today its shareholders approved a reverse stock split.
The ratio of shares has yet to be announced, according to a press release, and will be determined by the board of directors of the company in its sole discretion.
Toronto-based Titan Medical added that the range of post-consolidation shares will be a single common share for every 5 to 30 outstanding pre-consolidation common shares, according to a press release.
In April, Titan Medical said it spiked talks with Chinese distributor Longtai Medical over its Sport robot-assisted surgery platform so it can focus on winning regulatory approvals in the U.S. and Europe.
Back in October 2015, Titan inked a private placement deal with Longtai, a subsidiary of Chinese medical device distributor Ningbo Long Hengtai International Trade Co., that could have ended up being worth more than $24 million.