Titan Provides Update on Planned Merger with Conavi

TORONTO, Ontario, April 22, 2024 (GLOBE NEWSWIRE) --  Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) is pleased to provide this update on its planned merger with Conavi Medical Inc. (“Conavi”) as previously announced on March 18, 2024 (the “Transaction”).

As previously announced, Titan has entered into a definitive amalgamation agreement (the “Amalgamation Agreement”) dated March 17, 2024 with Conavi Medical Inc. (“Conavi”) providing for the combination of the companies in an all-stock transaction. The combined company will focus on continuing to commercialize Conavi’s Novasight Hybrid System designed to guide common minimally invasive coronary procedures.

Titan and Conavi continue to work towards the satisfaction of the conditions to completion of the Transaction set forth in the Amalgamation Agreement, including the parties’ work currently underway in respect of the following:

• Preparation of submissions to the TSXV in connection with Titan’s planned applications for the listing of its common shares on the TSX Venture Exchange (the “TSXV”) and their delisting from the Toronto Stock Exchange (the “TSX”) and for TSXV approval of the Transaction;

• Completion of Titan’s management information circular (the “Titan Circular”) and related documents in connection with Titan’s annual and special meeting at which Titan’s shareholders will be asked to approve the Transaction and other related matters; and

• Conavi’s efforts in connection with a concurrent financing of subscription receipts (convertible into Conavi Shares immediately prior to completion of the Transaction), the terms of which will be announced at a later date (the “Concurrent Financing”), for minimum gross proceeds of US$15 million up to a maximum of US$20 million.

About Titan Medical

Titan Medical Inc. (TSX: TMD; OTC: TMDIF), a medical technology company incorporated under the Business Corporations Act (Ontario) and headquartered in Toronto, Ontario, has developed an expansive patent portfolio related to the enhancement of robotic assisted surgery (RAS), including through a single access point, and is currently focused on evaluating new opportunities to further develop and license its intellectual property while pursuing the completion of its agreed upon merger with Conavi Medical Inc.