07:57 AM EDT, 03/18/2024 (MT Newswires) -- Titan Medical Inc. ( TMDIF ) entered Monday into a definitive amalgamation agreement with Conavi Medical Inc. to combine the companies in an all-stock transaction. A statement said the combined company will focus on continuing to commercialize Conavi's Novasight Hybrid System designed to guide common minimally invasive coronary procedures.

Titan will acquire all of the issued and outstanding shares of Conavi. In exchange Conavi shareholders will be issued common shares of Titan. This transaction will constitute a reverse takeover of Titan. Titan expects to delist its common shares from the Toronto Stock Exchange and apply to have them listed instead on the TSX Venture Exchange.

Conavi will also complete a concurrent financing of subscription receipts, for at least US$15 million and up to US$20 million. The receipts are expected to convert into Conavi shares immediately prior to completion of the transaction.

The transaction is anticipated to close on or around July 15.