BioSig Technologies (OTC:BSGM), Inc., a medical device company based in Westport, Connecticut, has been informed that its common stock will continue to be delisted from The Nasdaq Capital Market. The Nasdaq Hearings Panel declined to reconsider its earlier decision to delist the company's shares, following the suspension of trading that began on June 12, 2024.
The company, identified by the ticker NASDAQ:BSGM, is now seeking to have its stock traded on the OTC Market's OTCQB platform, which is a trading area for over-the-counter stocks that includes companies that maintain a high level of financial reporting.
The delisting notice came after a decision on June 10, 2024, by the Nasdaq Hearings Panel. BioSig appealed this decision on June 25, 2024, to the Nasdaq Listing and Hearing Review Council, hoping to reverse the delisting and maintain its presence on the Nasdaq exchange. The company has stated it will provide updates on the appeal process as significant events unfold.
BioSig Technologies specializes in the development of electromedical and electrotherapeutic apparatuses. It is incorporated in Delaware and ends its fiscal year on December 31. The company's business address and contact information remain unchanged.
The company's executive leadership, including Chief Executive Officer Anthony Amato, is handling the reporting and appeal process. This development is significant for investors and stakeholders of BioSig Technologies, as trading on a major exchange like Nasdaq is often seen as a mark of corporate stability and investor confidence.
In other recent news, BioSig Technologies, Inc. is set to be delisted from The Nasdaq Stock Market due to non-compliance with the minimum stockholders’ equity requirement. The company is planning to appeal the decision, but the outcome remains uncertain. On a brighter note, BioSig recently announced a registered direct offering and concurrent private placement, aiming to generate approximately $3 million in gross proceeds. The company intends to use these funds towards working capital and general corporate purposes.
In addition, BioSig has reshaped its Board of Directors and regained compliance with Nasdaq's minimum bid price requirement under the leadership of newly appointed CEO, Anthony Amato. The company also disclosed definitive agreements to issue and sell about 1.57 million shares of common stock, with H.C. Wainwright & Co. acting as the exclusive placement agent.
InvestingPro Insights
Following the news of BioSig Technologies, Inc.'s delisting from The Nasdaq Capital Market, real-time data from InvestingPro provides further context to the company's financial situation. With a market capitalization of just $4.97 million and a severe revenue decline of 90.46% in the last twelve months as of Q1 2024, the financial health of BioSig is under scrutiny. The striking decrease in revenue is particularly noteworthy given the company's already modest revenue of $0.03 million in the same period.
An InvestingPro Tip highlights that BioSig has been rapidly depleting its cash reserves, which is a critical concern for a company facing delisting and trading on over-the-counter markets. Additionally, analysts do not expect BioSig to be profitable this year, which aligns with a reported operating income margin of -90037.04% in the last twelve months as of Q1 2024. The stock's price performance reflects these challenges, having plummeted by 97.03% over the last year.
For investors seeking a comprehensive analysis, there are numerous additional InvestingPro Tips available, which can be found at https://www.investing.com/pro/BSGM. These tips can provide valuable insights for those considering BioSig Technologies as part of their investment portfolio. To access these tips, use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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