Know Labs, Inc. (NYSE American:KNW), a company specializing in measuring and controlling devices, announced today that Timothy Londergan has resigned from its Board of Directors, effective immediately. The resignation, which took place on Monday, is not due to any disagreements with the company's operations, policies, or practices.
The Seattle-based company, known for its innovative approach in the sector, expressed its appreciation for Londergan's contributions during his tenure. In the wake of his departure, the Board is actively seeking a new member to fill the vacancy.
Simultaneously, Know Labs has appointed Ichiro Takesako to its Audit Committee to assume the role vacated by Londergan. Takesako's new position is part of the company's ongoing commitment to strong corporate governance and oversight.
The company has not disclosed further details regarding the search for Londergan's replacement or the strategic implications of the board's recent changes. Know Labs continues to focus on its core business within the industrial applications and services sector, as it navigates this transition in its leadership team.
In other recent news, Know Labs, Inc. has announced the completion of a financing round, raising $1.655 million. The funds are set to be used for various corporate purposes, including product development, clinical studies, and intellectual property.
In parallel, the company has reported its Q3 financials for fiscal year 2024, highlighting a net loss of $4.1 million, an improvement from the previous year, alongside decreased research and development expenses.
Know Labs is making significant strides in the development of its non-invasive glucose monitor, known as KnowU, which is currently in clinical trials and awaiting FDA clearance.
The company is also actively pursuing intellectual property monetization and patent licensing, having identified over 600 proprietary elements for its platform technology.
In addition, Know Labs has reported a negative shareholder equity for the quarter. However, it has recently completed a capital raise and is taking measures to improve this. Boustead Securities, LLC and The Benchmark Company, LLC, the advisors in the recent transaction, have been granted a right of first refusal for future equity offerings by Know Labs.
InvestingPro Insights
In light of the recent board changes at Know Labs, Inc., it is worth noting some financial metrics and analyst insights that may be of interest to investors. According to InvestingPro data, Know Labs currently has a market capitalization of $30.32 million. The company's stock price has experienced a significant decline over the past three months, with a 64.24% drop, reflecting the volatility that the company faces. This is in line with the InvestingPro Tip that suggests the stock price movements for Know Labs are quite volatile.
Furthermore, the company operates with a moderate level of debt and has been not profitable over the last twelve months. The recent price of $0.29 per share stands in stark contrast to the analyst target fair value of $1.00, hinting at a potential undervaluation according to those analysts. However, investors should be cautious as the InvestingPro Tips highlight that Know Labs is quickly burning through cash and suffers from weak gross profit margins, which could impact its financial stability in the short term.
For those considering an investment in Know Labs, additional insights are available on InvestingPro, which lists over nine additional InvestingPro Tips that could help in making a more informed decision.
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