TMDI - Titan Medical lays off senior leadership team; gets Nasdaq non-compliance notice

Titan Medical ( NASDAQ: TMDI ) has laid-off certain members of its senior leadership team after announcing job cuts and plans for potential asset sale earlier in February.

The Canadian company said Tammy Carrea is no longer VP, Quality and Regulatory Affairs, while Kristen Galfetti is no more VP, Investor Relations and Corporate Communications.

Eric Heinz is no more VP, Market and Corporate Development, and Chris Seibert is no longer VP, Upstream Marketing of the company.

The individuals will continue to be available in consulting roles to assist the company during the strategic review process, Titan added.

Nasdaq Notice :

Titan received a notice from Nasdaq after the resignation of Heather Knight from the company's board and audit committee, as Titan was not in compliance with exchange's audit committee requirement rule.

As per Nasdaq's rule the company's audit committee must consist of at least three members, all of whom are independent. However, after Knight's resignation, the audit committee has only two members who are independent directors.

Titan has until the next annual shareholders' meeting or Feb. 7, 2024; or if the next annual shareholders' meeting is held before Aug. 7, 2023, then the company must show compliance by Aug. 7, 2023.

The company noted that it is also listed on the Toronto Stock Exchange and the notification letter does not affect its compliance status with such listing.

For further details see: