Titan Medical Inc. announced its business combination with Conavi Medical Inc. in an all-stock transaction, which constituted a reverse merger of Titan. The combined company will focus on continuing to commercialize and develop Conavi’s Novasight Hybrid™ System designed to guide common minimally invasive coronary procedures.
Under the terms of the Agreement, Titan will acquire all of the issued and outstanding shares of Conavi and in exchange Conavi shareholders will be issued common shares of Titan. The exchange ratio will be determined using the pre-money valuation of Conavi of US$69,840,000 (minus the amounts of certain trade payables and Conavi’s transaction expenses).
In connection with the transaction, Titan expects to delist its common shares from the Toronto Stock Exchange (the “TSX”) and apply to have them listed instead on the TSX Venture Exchange (the “TSXV”).
Borden Ladner Gervais LLP acted as counsel to Titan with a team led by Manoj Pundit and Colin Cameron-Vendrig and that includes Jasmine Lothian, Yemisi Afolabi, Matthew Shuman, Akaash Viswanathan (Securities); Brandon Evenson and David Schnittker (Intellectual Property); and Edona Vila (Medical Device Regulatory).
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. acted as counsel to Conavi.