Sam Brusco, Associate Editor02.14.23
Titan Medical has revealed senior leadership changes and receipt of a notification from Nasdaq stating that following Heather Knight’s resignation from the company’s board of directors and audit committee that it no longer complies with Nasdaq’s audit committee requirements in Nasdaq Rule 5605.
This rule states the company’s board must consist of a majority of independent directors and the audit committee must have at least three members, all of whom are independent. Following Knights departure, the company’s audit committee only has two members who are independent directors.
The company also decided to lay off certain members of its senior leadership team. Each will remain available to assist the company as independent consultants. Each change is effective immediately:
“I would like to thank Tammy, Kristen, Eric, and Chris for their contributions to Titan Medical and their continued professionalism,” Cary Vance, president and CEO of Titan Medical told the press. “This was an extremely difficult decision, and I am grateful that each of these talented individuals will continue to be available in consulting roles to assist the Company during the strategic review process.”
Titan Medical is allowed a cure period to regain compliance with Nasdaq 5605, either the earlier of the company’s next annual shareholders’ meeting or February 7, 2024; or if the next meeting is held before August 7, 2023, the company must show compliance no later than that date.
This rule states the company’s board must consist of a majority of independent directors and the audit committee must have at least three members, all of whom are independent. Following Knights departure, the company’s audit committee only has two members who are independent directors.
The company also decided to lay off certain members of its senior leadership team. Each will remain available to assist the company as independent consultants. Each change is effective immediately:
- Tammy Carrea is no longer VP of quality and regulatory affairs
- Kristen Galfetti is no longer VP of investor relations and corporate communications
- Eric Heinz is no longer VP of market and corporate development
- Chris Seibert is no longer VP of upstream marketing
“I would like to thank Tammy, Kristen, Eric, and Chris for their contributions to Titan Medical and their continued professionalism,” Cary Vance, president and CEO of Titan Medical told the press. “This was an extremely difficult decision, and I am grateful that each of these talented individuals will continue to be available in consulting roles to assist the Company during the strategic review process.”
Titan Medical is allowed a cure period to regain compliance with Nasdaq 5605, either the earlier of the company’s next annual shareholders’ meeting or February 7, 2024; or if the next meeting is held before August 7, 2023, the company must show compliance no later than that date.