By Adriano Marchese
Titan Medical Inc. shares were higher in early trading Wednesday after the company said it suspended a planned special shareholders' meeting in January to save money and focus on its strategic-review process and that it would appeal potentially being delisting on the Nasdaq Stock Market.
At 10:08 a.m. ET, the shares in Toronto were trading 18% higher at C$1.05, while in New York, the shares were up more than 21% at 73 U.S. cents.
The Canadian medical robotics-technology company said that the meeting originally scheduled for Jan. 12 would be suspended and that it may call one in the future if necessary.
Titan Medical said that postponing the scheduled meeting allows the company to focus its attention on its strategic-review process.
It also said that it will support completing its application for an investigational device exemption with the U.S. Food and Drug Administration for the Enos surgical system.
Titan Medical said that the suspension of the shareholders' meeting means that it won't be relying on a share consolidation to regain compliance with the Nasdaq after gaining an extension from the New York-based stock exchange, and it gives the company leeway to fulfil certain other contractual obligations.
Titan Medical said that Nasdaq requires an issuer bid to maintain a minimum bid price of at least $1 for a minimum of 10 consecutive business days. On Tuesday, shares closed at 60 U.S. cents on Nasdaq.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
December 07, 2022 10:20 ET (15:20 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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