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Titan Medical Publicizes First Quarter 2023 Submitting Delay, Canadian Enterprise Journal

TORONTO, ON, Could 19, 2023 (Globe Newswire) — Titan Medical Inc.Large” or “firm(TSX: TMD; OTC: TMDIF) has delayed the submitting of its annual monetary statements at this time and has issued related administration dialogue and evaluation and annual info types and the accompanying Chief Government Officer and Chief Monetary Officer introduced certification. Fiscal 12 months ending December 31, 2022 (collectively “”)Annual submission paperwork”), the Firm will announce the primary quarter ending March 31, 2023 (“Q1 Submitting doc”), and presently plans to submit its first quarter submitting by June 9, 2023. As introduced on Could 15, 2023, the corporate plans to submit its annual submitting by Could 31, 2023. I plan to submit.

On March 22, 2023, and additional up to date on April 3, 2023, April 17, 2023, Could 1, 2023 and Could 15, 2023, the Firm introduced the next:Default announcement”) based mostly on Nationwide Coverage 12-203 Order to cease commerce by administration It had utilized to the Ontario Securities Fee (“OSC”) Demand a commerce suspension order from the administration (”MCTOs”) imposed if the submission of annual submissions is delayed. MCTO was granted by OSC on April 3, 2023.

The MCTO will retain all and all transactions within the Firm’s securities, whether or not instantly or not directly, by the Firm’s Chief Government Officer and Chief Monetary Officer, for as much as two full enterprise days after OSC’s receipt of the annual submitting. restrict the acquisition of Some other filings required by the Firm beneath the Ontario Securities Legal guidelines, together with first quarter filings, or filings pursuant to additional orders of the OSC Director. The MCTO doesn’t have an effect on the flexibility of shareholders not named by the MCTO to commerce securities.

About Titan Medical

Titan Medical Inc. (TSX: TMD) is a medical machine firm headquartered in Toronto, Ontario with operations in Chapel Hill, North Carolina. The corporate centered on enhancing Robotic Assisted Surgical procedure (RAS) with revolutionary expertise by way of a single entry level. On November 30, 2022, the Firm introduced the graduation of a strategic evaluation course of to think about divestitures, mergers or different enterprise combos, sale of all or a portion of the Firm’s belongings, strategic investments and every other strategic choices. backside. necessary transactions. On February 8, 2023, the Firm introduced that not one of the events it approached as a part of its strategic evaluation course of expressed curiosity in continuing with a transaction with the Firm. In consequence, the Firm has initiated varied cost-cutting measures and has introduced that its Board of Administrators has determined to prioritize the sale of all or a portion of the Firm’s belongings, adopted by the Firm’s restructuring on February 14, 2023. introduced a discount. Quite a few senior administration positions.

Notes on Ahead info

This information launch accommodates “forward-looking statements” throughout the which means of relevant Canadian and U.S. securities legal guidelines, and administration’s statements relating to the Firm’s future development, efficiency, efficiency, enterprise prospects and alternatives. displays the present expectations of Ahead-looking statements are, however not at all times, “might,” “will,” “may,” “will,” “anticipate,” “consider,” and “plan.” , “expects”, “intends”, and many others. Contains phrases similar to “”, “estimate”, “might” and related expressions, however these phrases usually are not included in all forward-looking statements. Ahead-looking statements on this launch might embrace, however usually are not restricted to, references to the next: Our Annual and First Quarterly Filings and the dates we anticipate to file them. Firm analysis of enterprise choices. MCTO’S EFFECT ON THE COMPANY, ITS SHAREHOLDERS, DIRECTORS AND SECURITIES. Anticipated period of MCTO. OSC response to late submission of annual filings. OSC Response to Late Submissions and First Quarter Submissions. We are going to proceed to publish bi-weekly Default State of affairs Experiences.

These forward-looking statements mirror administration’s present beliefs relating to future occasions and are based mostly on info presently out there to administration. Though these info are believed to be affordable by administration as of the date such statements are made, they’re topic to materials enterprise and financial impacts of their nature. Aggressive uncertainties and contingencies may trigger actions, occasions, circumstances, outcomes, efficiency or achievements to vary materially from these projected within the forward-looking statements. Ahead-looking statements contain important dangers, uncertainties and assumptions and plenty of components trigger our precise outcomes, efficiency or achievements to be both expressed or implied by such forward-looking statements. Potential future outcomes, efficiency and achievements might differ materially. Such components and assumptions embrace, however usually are not restricted to, our capability to retain key personnel. Potential to execute enterprise plans and techniques. Adequacy of working capital to proceed to fund enterprise operations and different components described within the “Threat Elements” part of the Firm’s Annual Report for the fiscal 12 months ended December 31, 2021 (www.sedar .com and out there at www.sec.gov). If a number of of those dangers or uncertainties materializes, or if the assumptions underlying the forward-looking statements show to be inaccurate, the precise outcomes, efficiency or achievements on this information launch might differ. It could differ materially from these expressed or implied by forward-looking statements contained within the launch. These components ought to be thought-about rigorously and potential traders mustn’t place undue reliance on forward-looking statements.

Ahead-looking statements contained in information releases are based mostly on assumptions that administration presently believes to be affordable and the Firm might trigger precise actions, occasions, circumstances, outcomes, efficiency or achievements to vary materially. We now have tried to determine the necessary components to acquire. With respect to any forward-looking statements, we can not guarantee future traders that our precise outcomes, efficiency or achievements will match these forward-looking statements. Besides as required by regulation, we expressly disclaim any intention or obligation to replace or revise any forward-looking statements, whether or not on account of new info, future occasions or in any other case. Accordingly, traders mustn’t place undue reliance on forward-looking statements. All forward-looking statements are expressly certified by the previous warning statements.

Stephen Lemieux
[email protected]


CBJ Newsmaker

Titan Medical Publicizes First Quarter 2023 Submitting Delay, Canadian Enterprise Journal

Source link Titan Medical Publicizes First Quarter 2023 Submitting Delay, Canadian Enterprise Journal

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