Titan Medical's Strategic Move to TSX Venture Exchange
Titan Medical's Strategic Shift to TSX Venture Exchange
Titan Medical Inc. (“Titan”) is embarking on a significant transition as it prepares to move its common shares listing from the Toronto Stock Exchange (TSX) to the TSX Venture Exchange (TSXV). This decision is driven by the company's ongoing plans to acquire Conavi Medical Inc., marking a pivotal moment in its growth trajectory.
Overview of the Delisting Process
The board of directors of Titan has sanctioned the voluntary delisting of Titan’s common shares from the TSX. This strategic move is anticipated to take effect between the prescribed dates in early October. In the interim, Titan ensures that it will retain its status as a reporting issuer in Canada, committing to maintain regular and thorough disclosures aligned with applicable Canadian securities regulations.
Reason Behind the Delisting
The decision to delist from the TSX reflects a comprehensive evaluation by Titan’s Board regarding the viability and benefits of maintaining its TSX listing. With the expectation that the resulting entity post-acquisition will meet the requirements of the TSXV, the board determined that transitioning to the TSXV aligns better with the company’s future goals.
Details of the Acquisition
At the heart of this transition is the planned acquisition of Conavi Medical Inc. through a three-cornered amalgamation involving a wholly-owned subsidiary of Titan. This strategic acquisition will see the creation of a new entity that will be renamed Conavi Medical Corp. This transaction is set to be executed under a definitive agreement entered into by both parties, aiming to harness the strengths of both companies.
About Conavi Medical's Technology
Conavi Medical is making strides in the field of medical technology, particularly known for its pioneering imaging technologies that facilitate minimally invasive cardiovascular procedures. The patented Novasight Hybrid™ System, which combines intravascular ultrasound and optical coherence tomography, is an innovative tool that has cleared regulatory hurdles, receiving approvals for clinical use in multiple countries.
The Benefits of the Move to TSXV
Transitioning to the TSXV is anticipated to yield several benefits for Titan, particularly in terms of reduced administrative costs while retaining market presence and visibility among investors. By becoming a listed company on the TSXV, Titan can focus its resources on operational growth and strategic initiatives without the burden of significant costs associated with the TSX listing.
Future Outlook for Titan and Conavi
As Titan aligns its operations with its long-term strategic ambitions, the integration with Conavi Medical presents compelling opportunities for innovation in robotic-assisted surgery. As both companies work towards finalizing this transaction, their combined expertise is expected to open new production capabilities, reinforcing their positions in a competitive market.
Frequently Asked Questions
What prompted Titan Medical to delist from TSX?
Titan Medical decided to delist from the TSX to better align with its growth strategy and reduce administrative costs associated with maintaining its current listing, transitioning instead to the TSX Venture Exchange.
How will the transition impact investors?
Investors are expected to benefit from this transition through continued trading of Titan shares on the TSXV, with the added advantage of a company focused on growth and development in the medical technology sector.
What is the significance of the acquisition of Conavi Medical?
The acquisition of Conavi Medical is significant as it allows Titan to expand its footprint in the robotic-assisted surgery market and leverage Conavi's innovative technologies to enhance its offerings.
When will the shares start trading on the TSXV?
The shares of the resulting entity, post-transaction, are expected to begin trading on the TSXV on the next business day following the delisting from TSX.
Who can be contacted for more information?
For further details, inquiries can be directed to Chien Huang, Chief Financial Officer of Titan Medical Inc., via email at investors@titanmedicalinc.com.
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