Titan Medical Inc. (NASDAQ: TMDI) disclosed that it has filed the final short form prospectus with securities officials in Ontario, British Columbia, and Alberta concerning its earlier declared offering of 8,335,000 units of the firm on a “purchased deal” in accordance with the principle, at a price of US$2.40 per Unit.
The total profit the firm is anticipating is US$20,004,000. The underwriter for the offering will be Bloom Burton Securities Inc. In the capital of the firm, each unit represents one share and one-half of one ordinary stock buying warrant. Each Warrant will be executable to buy one ordinary stock for the duration of 24 months after the execution of the Offering at an executable price of US$3.00 per share.
Titan Medical Inc. (NASDAQ: TMDI) shares went up 3.35% at $2.78 during the trading session of Friday. The firm has reported a trading volume of 2.59 million as compared to the average volume of 3.51 million. The market value of Titan Medical Inc. is $251.88 million at the time of writing.
The firm has also awarded the underwriter an option to buy extra 15% of the unit at any time until 30 days. Titan Medical is planning to use the profit from the offering to finance the growth of robotic surgical technologies of the firm and other purposes of the business.
After the agreement of the firm and underwriter on the date, the offer will be executed on or about February 24, 2021. The execution is also dependent on the authorization of certain conditions as well as the authorization of the Toronto Stock Exchange. The firm got qualified authorization from the Toronto Stock Exchange on February 11, 2021.