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Titan Medical applies to list on Nasdaq; plans 1-for-30 reverse stock split

Titan Medical Inc. said it applied to list its common shares on the Nasdaq Stock Market LLC.

The Toronto-based medical device maker said it will also undertake a 1-for-30 reverse split of its common stock, subject to shareholder approval.

The share consolidation will take effect prior to the opening of trading June 19.

Titan President and CEO David McNally said the listing would expand awareness of the company among U.S.-based investors and potentially provide avenues for additional sources of funding to develop the company's SPORT surgical system.

The company expects its stock to be listed on the Nasdaq by the end of June.