Why did Titan Medical Inc. (TMDI) lose its momentum in the after-hours on Tuesday?

Titan Medical Inc. (TMDI) shares plunged 7.18% in after-hours on Tuesday, January 11, 2022, and closed trading at $0.58. However, in the regular trading session of Tuesday, TMDI’s stock gained 5.99%. TMDI shares have fallen 62.80% over the last 12 months, and they have moved down 3.36% in the past week. Over the past three months, the stock has lost 58.88%, while over the past six months, it has declined 61.18%. The company has a current market of $69.33 million and its outstanding shares stood at 110.93 million.

Let’s see what are the latest news about the company?

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TMDI agreement with Benchmark Electronics

On January 11, 2022, Titan Medical Inc. (TMDI) signed a manufacturing and supply agreement with Benchmark Electronics, Inc. (BHE) to produce Titan’s innovative Enos™ robotic single access surgical system workstations and patient carts. The Benchmark manufactured solutions will be integrated with Titan’s proprietary patented and patent-pending cameras and multi-articulating instruments.

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The recent agreement is a step forward for the manufacturing of surgeon workstations and patient carts that will be used in human studies expected to begin in 2023.

Participation in a recent event

Titan Medical Inc. recently participated at the H.C. Wainwright & Company BioConnect 2022 Conference, which was held on January 10, 2022.

TMDI was presented by Paul Cataford, Titan’s interim President and CEO, with Stephen Lemieux, Titan’s CFO, during the event.

TMDI completed the agreement with Medtronic

On January 04, 2022, Titan Medical Inc. (TMDI) completed the final milestone under the development and license agreement with Medtronic plc (MDT). With the successful completion of the agreement on time, Titan is scheduled to receive a license payment in exchange for licensing the developed technologies to Medtronic, and Medtronic’s secured loan to Titan will be retired, each of which is expected to be completed this month.

Nasdaq letter to TMDI

On December 30, 2021, Nasdaq Stock Market LLC Listing Qualifications Department informed Titan Medical Inc. that it was not in compliance with the minimum bid price requirement outlined in Nasdaq Rule 5550(a)(2) since the closing bid price for the company’s common shares listed on Nasdaq was below US$1.00 for 30 consecutive business days.

TMDI has a period of 180 calendar days from the date of notification, being until June 28, 2022, to regain compliance with the minimum bid price requirement, during which time the shares will continue to trade on the Nasdaq Capital Market.

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Well, despite the positive news, Titan Medical stock was unable to continue its positive momentum in the after-hours on Tuesday but we can expect it to return towards positivity in the coming trading sessions on Wednesday.

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