Titan Medical and Conavi Medical Join Forces in Amalgamation
Titan Medical and Conavi Medical Join Forces
In an exciting development within the medical technology space, Titan Medical Inc. (TSX: TMD; OTC: TMDIF) has garnered significant support as Conavi Medical Inc. moves forward with their proposed amalgamation. This milestone was marked by the recent approval from Conavi's shareholders, facilitating a remarkable all-stock transaction that signifies a reverse takeover of Titan.
Unanimous Shareholder Support for the Amalgamation
During a special shareholder meeting, 100% of the votes cast were in favor of the amalgamation, showcasing a clear commitment from Conavi's shareholders. Tom Looby, CEO of Conavi, expressed gratitude towards their investors, emphasizing the importance of their trust as it paves the way for future endeavors. The union aims to enhance the commercial trajectory of the Novasight Hybrid™ System, which is a groundbreaking innovation combining intravascular ultrasound (IVUS) and optical coherence tomography (OCT) for enhanced imaging of coronary arteries.
The Path Forward: Addressing Final Requirements
As Titan's Interim CEO Paul Cataford noted, achieving this shareholder approval marks a critical step toward finalizing the amalgamation. However, the process still hinges on meeting various conditions outlined by the TSX Venture Exchange, including the completion of Conavi’s concurrent private placement financing. Shareholders of Titan will also need to give their consent in the forthcoming meetings.
The Significance of the Amalgamation
The successful closure of this transaction could lead to the establishment of a new entity fortified with institutional backing and innovative technologies that promise to redefine standards in minimally invasive cardiovascular procedures. Titan Medical is gearing up for a pivotal annual general and special meeting set for September 30, during which shareholders will have the opportunity to cast their votes on this significant proposal.
Empowering Shareholders with Information
Shareholders are encouraged to review the management circular thoroughly, as it outlines the voting process and details about the amalgamation. The enthusiasm surrounding this merger is palpable, with expectations of not just a transformation in company operations, but also in the technological advancements that will emerge as a result of this merger.
About the Companies
Titan Medical Inc., headquartered in Toronto, is pioneering advancements in robotic-assisted surgery, boasting a substantial intellectual property portfolio aimed at enhancing surgical procedures. The company's focus is on innovation and the potential development of its technology for widespread application.
Conavi Medical Inc. specializes in imaging technologies that enhance traditional cardiovascular health practices. With the Novasight Hybrid™ System already approved for clinical applications in key markets, Conavi is positioned to significantly impact the way cardiovascular procedures are approached.
Shareholder Engagement and Support Systems
In a bid to foster ongoing communication, Titan encourages shareholders to reach out with any questions regarding the amalgamation or voting procedures. Their investor relations team is ready to provide answers and assistance, ensuring that all involved parties are informed and engaged.
Frequently Asked Questions
What is the purpose of the amalgamation between Titan and Conavi?
The amalgamation seeks to combine resources and innovations of both companies to enhance their offerings in medical technology, particularly in minimally invasive cardiovascular procedures.
How did Conavi’s shareholders respond to the amalgamation proposal?
Conavi’s shareholders showed unanimous support, with all votes cast during the meeting favoring the amalgamation.
What are the next steps after shareholder approval?
The next steps include satisfying regulatory requirements and ensuring Titan shareholders also approve the transaction at their upcoming meeting.
What innovation does the Novasight Hybrid™ System bring?
The system uniquely integrates both IVUS and OCT technologies, providing simultaneous imaging capabilities that enhance the visualization of coronary arteries during procedures.
How can shareholders get more information about the transaction?
Shareholders can review the management information circular and reach out to Titan’s investor relations team for any questions or clarifications about the amalgamation process.
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