🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

BioSig appoints new chairman and revises executive pay

EditorLina Guerrero
Published 09/13/2024, 04:07 PM
BSGM
-

BioSig Technologies (OTC:BSGM), Inc. (the "Company"), a medical device company based in Los Angeles, California, has announced the appointment of a new chairman and updated compensatory arrangements for certain officers, according to a recent SEC filing.


On September 11, 2024, Anthony Amato, the Chief Executive Officer of BioSig, was appointed as the new Chairman of the Board following the resignation of Kenneth L. Londoner earlier this year. This change in leadership comes as the company continues to evolve its strategic direction.


In conjunction with the new appointment, the Company entered into an Executive Employment Agreement with Mr. Amato, which took effect from August 1, 2024. Under the terms of the agreement, Mr. Amato will receive an annual base salary of $300,000 and is eligible for an annual discretionary bonus of 60% of his base salary.


Additionally, he was granted a stock option to purchase 2,400,000 shares of the Company’s common stock at an exercise price of $0.4479 per share, with half of the options vesting immediately and the remainder vesting bi-annually over four years.


Mr. Amato also received 275,000 shares of restricted common stock vested on the grant date and an additional 1,275,000 shares that will vest biannually over three years. Future equity grants will be determined annually starting in the first quarter of 2025.


The Executive Agreement outlines various severance scenarios. If Mr. Amato is terminated for cause, he would receive accrued obligations. If terminated without cause or for good reason, he would be eligible for severance payments equal to his current base salary plus 100% of his annual bonus, and acceleration of equity awards.


Additionally, in the event of a termination in connection with a change of control, Mr. Amato could receive a sum equal to twice his annual base and bonus compensation, along with extended health insurance benefits.


This information is based on the company's SEC filing and reflects the Company's commitment to aligning executive compensation with the long-term interests of its shareholders and the strategic goals of the company. BioSig Technologies specializes in electromedical and electrotherapeutic apparatus, and trades under the symbol BSGM.


In other recent news, BioSig Technologies, Inc. has moved to the OTCQB marketplace following the suspension of its securities from The Nasdaq Stock Market LLC due to non-compliance issues. The company is currently awaiting the outcome of an appeal filed against the Nasdaq Hearings Panel's decision to delist its securities. Meanwhile, BioSig continues to focus on its core business activities within the electromedical sector.


BioSig has also announced a registered direct offering and private placement, targeting approximately $3 million in gross proceeds for working capital and general corporate purposes. The firm has entered into agreements to issue and sell about 1.57 million shares of common stock, with H.C. Wainwright & Co. serving as the exclusive placement agent.


InvestingPro Insights


As BioSig Technologies, Inc. (BSGM) navigates through its leadership changes and strategic realignment, it's crucial for investors to be aware of the company's financial health and market position. According to InvestingPro data, BioSig holds a market capitalization of $6.51 million, indicating its small-cap status in the market. The company's revenue for the last twelve months as of Q2 2024 stood at $0.04 million, with a significant decline of 85.45% from the previous year. This aligns with the InvestingPro Tip that analysts anticipate a sales decline in the current year. Furthermore, the company's price has experienced a substantial drop of 89.19% over the last year, reflecting market sentiment and performance challenges.


InvestingPro Tips suggest that while BioSig has more cash than debt on its balance sheet, it is quickly burning through cash, and its short-term obligations exceed its liquid assets. These insights are critical for investors considering the company's ability to sustain operations and fund its strategic initiatives. Additionally, analysts do not expect the company to be profitable this year, which is corroborated by a negative P/E ratio of -0.22. With 11 more InvestingPro Tips available, investors can gain a deeper understanding of BioSig's market standing and future prospects by visiting the InvestingPro platform.


For shareholders and potential investors, these metrics and insights provide a comprehensive picture of BioSig's current financial state and market valuation, which are essential factors to consider in light of the recent executive changes and the direction the company is heading.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.