Titan Provides Update on Planned Merger with Conavi

TORONTO, Ontario, May 17, 2024 (GLOBE NEWSWIRE) -- Titan Medical Inc. (“Titan”) (TSX: TMD; OTC: TMDIF) is providing an update on its planned merger with Conavi Medical Inc. (“Conavi”) pursuant to the definitive amalgamation agreement (the “Amalgamation Agreement”) dated March 17, 2024 (the “Transaction”), as previously announced on March 18, 2024 and April 22, 2024.

Titan and Conavi are both working on satisfying the closing conditions outlined in the Amalgamation Agreement, which includes:

• Preparation of submissions to the TSXV in connection with the approval of the Transaction and the listing of its common shares on the TSX Venture Exchange (the “TSXV”) and the delisting of common shares from the Toronto Stock Exchange (the “TSX”);
  
• Completion and submission to the TSXV of the joint management information circular (the “Circular”) and related documents. The Circular is required to be approved by the TSXV and mailed out before Titan’s annual and special meeting of shareholders where shareholders will be asked to approve the Transaction and other related matters; and
  
• Completion of Conavi’s financing of subscription receipts (convertible into shares of Conavi immediately prior to completion of the Transaction) for minimum gross proceeds of US$15 million, (the “Concurrent Financing”), the complete terms of which will be disclosed in a subsequent press release and the Circular.
  

Please see the Amalgamation Agreement, a copy of which is available on SEDAR at sedarplus.ca.

For full details on the risks and uncertainties affecting the Company, please refer to the Company’s Annual Information Form (See section entitled “Risk Factors”) for the year ended December 31, 2023, a copy of which is available on SEDAR+ at sedarplus.ca.

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.