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Titan Medical Faces Nasdaq Delisting

The company stated it intended to request a hearing regarding the delisting.

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By: Sam Brusco

Associate Editor

Titan Medical was notified by the Nasdaq Listing Qualifications Staff on December 27 that based on the company’s non-compliance with its minimum bid price requirement, securities would be delisted unless the company requests a timely hearing to stay further action.
 
This is pending issuance of the Nasdaq Hearings Panel’s decision following the hearing and expiration of any extension granted by the panel. The company stated it intended to timely request the hearing.
 
There’s no assurance the panel will grant Titan’s request for continued listing, or if an extension is granted, that the company will be able to evidence compliance with the rule in the extension period granted. If the company is delisted from Nasdaq, its securities should be eligible to trade in the U.S. via the OTC Markets system.
 
Last month, the company enacted cost-cutting measures to preserve capital to support the strategic review process it had declared. 40 employees were temporarily furloughed at its Chapel Hill, N.C. facility.
 
When Titan announced the beginning of its strategic review process, the company said its Board will consider strategic alternatives including corporate sale, merger, or business combination, a sale of all or a portion of assets, strategic investment, or another significant transaction.

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