05:14 PM EDT, 09/16/2024 (MT Newswires) -- Titan Medical ( TMDIF ) said late Monday proxy-advisor Institutional Shareholder Services (ISS) issued a report recommending Titan's shareholders approve the planned merger with Conavi Medical.

ISS said in its report that the proposed deal is expected to "enhance value for shareholders through ownership in a company with growth potential, with an improved balance sheet, and is expected to benefit from reduced listing requirements associated with re-listing on the TSX Venture Exchange."

The vote is set to take place at Titan's annual general and special meeting on Sept 30.

Titan separately said that Conavi Medical will join its Q&A session on Thursday. The session is part of the discussion about the proposed merger between the companies.

Titan shares closed unchanged at $0.055 on the Toronto Stock Exchange.