05:17 PM EDT, 09/30/2024 (MT Newswires) -- Titan Medical ( TMDIF ) said after trade Monday that its board has approved the voluntary delisting of its common shares from the Toronto Stock Exchange as it moves to the TSX Venture Exchange.

Pending TSX approval and the completion of closing conditions, the delisting is expected to occur between Oct. 4, and Oct. 10, the company said, adding that it will remain a "reporting issuer" in Canada and continue to provide regular disclosures as required by Canadian securities laws.

The company plans to list its shares on the TSX Venture Exchange following its proposed acquisition of Conavi Medical. Titan said it decided to voluntarily delist its stock from the TSX because it believes the new entity will be able to meet the listing requirements of the TSX Venture Exchange after the deal. The board concluded that the benefits of staying listed on the TSX do not justify the associated expenses and administrative costs.

The company's shares closed down $0.005 to $0.05.