Titan Medical Celebrates Positive Outcomes from Annual Meeting
Titan Medical Celebrates Positive Outcomes from Annual Meeting
TORONTO, Ontario — Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) has announced the results from its recent Annual General and Special Meeting of Shareholders (the “AGM”). This year’s meeting was held virtually through a live audio webcast, allowing shareholders to participate and engage directly, marking a significant step towards transparency and accessibility in corporate governance.
Voting Results at a Glance
During the AGM, shareholders voted favorably on all management resolutions outlined in Titan’s management information circular dated August 30, 2024. It was noted that 60,264,549 of the 114,039,850 total issued and outstanding shares were voted, representing an impressive turnout of 52.85 percent. These results signify strong shareholder confidence in the company’s strategic direction.
Key Approved Resolutions
Several key resolutions were presented and successfully adopted:
- Approval of the number of directors and their election for the upcoming year (“Director Resolution”);
- Appointment of MNP LLP as auditors for the next year, along with authority granted to fix their remuneration (“Auditor Resolution”);
- Subject to the completion of an upcoming transaction, a planned name change to “Conavi Medical Inc.” (“Name Change Resolution”);
- Acknowledgment of the amalgamation agreement that sets forth the combination of Titan and Conavi Medical Inc. (“Transaction Resolution”);
- Implementation of a new equity incentive plan representing 15% of the post-transaction outstanding securities of Titan (“Incentive Plan Resolution”);
- Finally, a proposal to consolidate shares on a specified basis (“Consolidation Resolution”).
Highlights of the Voting Results
Despite the robust turnout, it was observed that not all nominated directors received majority support. Specifics regarding these nominees will be disseminated in a future communication, as compliance with the Toronto Stock Exchange's guidelines will be upheld. The voting results were meticulously tracked by Computershare, ensuring an accurate reflection of shareholder sentiment.
Director Election Results
The election of directors revealed diverse levels of support:
- Paul Cataford received 46.78% of votes in favor, leading to 53.22% votes withheld.
- Anthony J. Giovinazzo achieved 47.66% support, with 52.34% withholding votes.
- Cary G. Vance garnered 44.22%, resulting in a higher number of withhold votes at 55.78%.
- Cathy Steiner secured 47.81% approval versus 52.19% against.
- Daniel O’Brien shone with 77.27% approval, exhibiting a strong backing from shareholders.
Future Developments and Company Outlook
The approval of the name change provides a fresh identity as Titan transitions towards its new strategic vision centered around robust medical technology solutions. The company is keen on growing its market presence and enhancing its portfolio to meet the demands of modern healthcare.
Titan Medical Inc. (TSX: TMD; OTC: TMDIF) is renowned for its advancements in robotic-assisted surgery (RAS) technologies. The company is dedicated to evaluating opportunities that align with the innovative capabilities of its patented technology.
About Conavi Medical
After the imminent transaction, Titan will integrate Conavi Medical, a company specializing in developing imaging technologies for minimally invasive cardiovascular procedures. This strategic move aims to leverage state-of-the-art technology, such as the Novasight Hybrid™ System, which uniquely combines IVUS and OCT imaging.
This merger signals Titan's commitment to staying at the forefront of medical technology advancements, ensuring that it remains competitive in the health tech sector.
Frequently Asked Questions
What was the main outcome of Titan's AGM?
Shareholders approved all management resolutions, including changes to the corporate name and director elections.
How many shareholders voted during the AGM?
Approximately 52.85% of the issued shares were represented in the voting.
What notable resolutions were passed?
Key resolutions included appointing auditors, changing the company name, and consolidating shares.
What does the name change signify for Titan Medical?
It marks a strategic shift in branding as the company merges with Conavi Medical, reflecting a broader tech integration.
What is the focus of the newly merged company?
The merged entity will concentrate on advancing minimally invasive procedures and innovative imaging technologies.
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