Titan Medical Announces Corporate Update and Provides Bi-Weekly MCTO Status Update - Seite 2

“I would like to congratulate Chien on his appointment to CFO. Chien is a seasoned financial professional with experience in an IP licensing business,” said Paul Cataford, Chair of the Board of Directors of Titan Medical. “We would like to thank Stephen, Jasminder, Bill and Nate for their effective leadership through the Strategic Review process and for their willingness to remain engaged and available in a consulting capacity to support the Company through the Strategic Transition. The announcement made last week is demonstrative of the Company’s foundational intellectual property and its important role in the field of robotic assisted surgery. Finally, we would also like to thank Cary for his time as President and CEO and look forward to continuing to work with him on the Board.”

Bi-Weekly MCTO Default Status Report:

On March 22, 2023, and as further updated on April 3, 2023, April 17, 2023, May 1, 2023, and May 15, 2023, the Company announced (the “Default Announcement”) that under NP 12-203 it had applied to the Ontario Securities Commission (the “OSC”) requesting a management cease trade order (“MCTO”) be imposed in respect of the late filing of its annual financial statements, the related management’s discussion and analysis and annual information form, and the accompanying chief executive officer and chief financial officer certification for its financial year ended December 31, 2022 (collectively, the “Annual Filing Documents”). The MCTO was granted by the OSC on April 3, 2023.

On May 19, 2023, the Company announced a related delay in filings its financial statements, the related management’s discussion and analysis and the accompanying chief executive officer and chief financial officer certification for its first quarter ended March 31, 2023 (the “Q1 Filing Documents”). As previously disclosed, the Company expects to file the Annual Filing Documents by May 31, 2023 and the Q1 Filing Documents by June 9, 2023.

The MCTO restricts all trading in and all acquisitions of the securities of the Company, directly or indirectly, by the Chief Executive Officer and the Chief Financial Officer of the Company until two full business days following the receipt by the OSC of the Annual Filing Documents and any other filings the Company is required to make under Ontario securities laws, or upon the further order of the director of the OSC. The MCTO does not affect the ability of shareholders who are not named in the MCTO to trade their securities.