Titan Medical Applies to Uplist on the NASDAQ

The leading public market spanning across six continents will soon offer a new Canadian-based medical device stock, Titan Medical (TSX:TMD; OTCQB:TITXF).

On Friday (June 1), Titan announced it has applied to list its common shares on the NASDAQ stock market, to “expand awareness” of the company to US-based investors, said CEO David McNally in the press release.

Listing Titan’s shares on the NASDAQ is awaiting approval of the exchange and satisfaction of all listing requirements. The listing may provide new opportunities for funding to complete and develop the SPORT Surgical System. McNally said he expects the stock to be listed on the exchange by the end of June.

“The considerable progress we have made in product development, strengthening our intellectual property portfolio, the successful demonstration of the first simulation training modules with our collaborator Mimic Technologies,” McNally said. “Most recently, surgeons presenting abstracts at renowned medical conferences, all underlie the timing of this decision.”

The company also consolidated outstanding common shares in a ratio of 1-for-30 reverse stock split, which is set to take effect before the open on June 19. Titan’s board of directors believe the consolidation will be done on the basis of one new common share for every 30 currently outstanding shares. This was a necessary step in meeting the NASDAQ’s listing requirements.

Titan currently has 419,888,311 issued common shares and expects 13,996,277 common shares will be issued and outstanding following the consolidation. No fractional shares will be issued from the consolidation.

This Canadian-based medical device company is focused on the research and development of the planned commercialization of its computer-assisted robotic surgical technologies in minimally invasive surgeries through a single-port called the SPORT Surgical System.

The surgeon-controlled patient cart has a 3D high-definition vision system and multi-articulating instruments for performing MIS procedures. Some initial surgical indications include gynecologic, urologic, colorectal and general abdominal procedures.

Investor Takeaway

Since the announcement on Friday, Titan’s share price increased 8.33 percent on the TSX to C$0.26 as of market close on Monday (June 4). On the OTC market Titan’s share is at US$0.20 for the same day. The company first listed on the OTCQX market international tier in the US in early 2012.

Though Titan’s share price has seen a fair amount of volatility in the past year investors interested in the company can look forward to regulatory submissions in the second half of 2019.

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Securities Disclosure: I, Gabrielle Lakusta, hold no direct investment interest in any company mentioned in this article.