By Robb M. Stewart

Titan Medical Inc. said Thursday that Nasdaq has decided to delist its shares, adding that its shares will continue to trade on the Toronto Stock Exchange and it expects to be eligible for quotation on the OTC Markets.

The Canadian medical-device company said it received a decision from the Nasdaq hearings panel advising it would be delisted from the start of business Friday.

Nasdaq's decision comes after a hearing earlier this year between Titan Medical and Nasdaq following the stock exchange's earlier decision to push for a delisting after the company failed to regain compliance with a minimum bid-price requirement.

In premarket trading, the Nasdaq-listed shares were 18% lower after ending the previous session at 19 cents, down 71% year-to-date. The Toronto-traded shares last closed at C$0.26, down 71% so far this year.

Last month, Toronto-based Titan said it had laid off a number of its senior managers as it looked to cut costs and planned to sell all or some of the company's assets. The decision came after a strategic review process launched last November failed to attract a suitor interested in pursuing a deal with the company.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 09, 2023 07:52 ET (12:52 GMT)

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