Titan Medical Broadcasts Govt Management Updates and Receipt of Nasdaq Notification Relating to Audit Committee Necessities By Investing.com

Titan Medical (NASDAQ:) Inc. (the “Firm” or “Titan”) (Nasdaq: TMDI; TSX: TMD) right now introduced senior management modifications and the receipt of a notification from the Nasdaq Inventory Market LLC Itemizing {Qualifications} Division stating that following the resignation of Heather Knight from the Firm’s board of administrators and audit committee, the Firm now not complies with Nasdaq’s audit committee requirement set forth in Nasdaq Rule 5605.

Senior Management Modifications

Following the announcement of February 8, 2023, the Firm has determined to layoff sure members of the Firm’s senior management group. Every of those people stay out there to help the Firm as unbiased consultants. The next modifications are efficient instantly:

• Tammy Carrea is now not VP, High quality and Regulatory Affairs of the Firm. Ms. Carrea will proceed to help the Firm, as wanted, as an unbiased advisor with high quality and regulatory issues, and to help with the strategic assessment course of;
• Kristen Galfetti is now not VP, Investor Relations and Company Communications of the Firm. Ms. Galfetti will proceed to help the Firm, as wanted, as an unbiased advisor with investor relations and company communications, and to help with the strategic assessment course of;
• Eric Heinz is now not VP, Market and Company Improvement of the Firm. Mr. Heinz will proceed to help the Firm, as wanted, as an unbiased advisor with company improvement actions, and to help with the strategic assessment course of; and
• Chris Seibert is now not VP, Upstream Advertising of the Firm. Mr. Seibert will proceed to help the Firm, as wanted, as an unbiased advisor with medical and upstream advertising, and to help with the strategic assessment course of.

“I want to thank Tammy, Kristen, Eric and Chris for his or her contributions to Titan Medical and their continued professionalism,” stated Cary Vance, President and CEO of Titan Medical. “This was a particularly tough resolution, and I’m grateful that every of those gifted people will proceed to be out there in consulting roles to help the Firm throughout the strategic assessment course of.”

Nasdaq Notification Re: Itemizing Rule 5605

Nasdaq Itemizing Rule 5605(b)(1) states that the Firm’s board of administrators should encompass a majority unbiased administrators and Itemizing Rule 5605(c)(2) states that the Firm’s audit committee should encompass no less than three members, all of whom are unbiased. Following Ms. Heather Knight’s resignation, the Firm’s audit committee consists of solely two members who’re unbiased administrators as outlined in Rule 5605(a)(2).

Nonetheless, in accordance with Itemizing Rule 5605(c)(4), Nasdaq has offered the Firm a remedy interval with the intention to regain compliance, being the sooner of the Firm’s subsequent annual shareholders’ assembly or February 7, 2024; or if the subsequent annual shareholders’ assembly is held earlier than August 7, 2023, then the Firm should proof compliance no later than August 7, 2023.

The Firm can also be listed on the Toronto Inventory Alternate and the notification letter doesn’t have an effect on the Firm’s compliance standing with such itemizing.