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WESTPORT, CT – BioSig Technologies (OTC:BSGM), Inc., a company specializing in electromedical and electrotherapeutic apparatus, announced on Monday that its common stock has commenced trading on the OTCQB marketplace, managed by OTC Markets Group Inc. This move comes after the firm's securities were suspended from The Nasdaq Stock Market LLC due to non-compliance issues.
The decision to suspend BioSig from Nasdaq trading was effective as of June 12, 2024, following a June 10th Delist Decision. Since then, the company's common stock was available for trading on the OTC Market's Pink Current Information tier. The company, incorporated in Delaware and with its executive offices in Los Angeles, California, is now seeking to overturn the delisting decision. On July 10, 2024, BioSig filed an appeal to the Nasdaq Listing and Hearing Review Council challenging the Nasdaq Hearings Panel's determination to delist its securities.
As of today, BioSig is awaiting the outcome of its appeal. The shift to the OTCQB is part of the company's ongoing effort to maintain the availability of its stock to investors. BioSig Technologies' common stock is identified on the OTCQB with the trading symbol BSGM.
The company's transition to the OTCQB does not affect its business operations or its commitment to meet the regulatory requirements for trading. BioSig Technologies continues to focus on its core business activities within the electromedical sector.
In other recent news, BioSig Technologies, Inc., a medical device company, is set to be delisted from The Nasdaq Capital Market due to non-compliance with the minimum stockholders’ equity requirement. The company has plans to appeal the decision, but the outcome remains uncertain. Concurrently, BioSig announced a registered direct offering and private placement, aiming to generate approximately $3 million in gross proceeds for working capital and general corporate purposes.
The company also disclosed agreements to issue and sell about 1.57 million shares of common stock, with H.C. Wainwright & Co. acting as the exclusive placement agent. Furthermore, BioSig has reshaped its Board of Directors under the leadership of newly appointed CEO, Anthony Amato, and regained compliance with Nasdaq's minimum bid price requirement.
InvestingPro Insights
In light of BioSig Technologies' recent move to the OTCQB marketplace, investors might be seeking clarity on the company's financial health and stock performance. According to InvestingPro data, BioSig Technologies has a market capitalization of $7.09 million and is experiencing significant price volatility, with a 42.82% return over the last month, despite a steep year-to-date price total return of -89.59%. This reflects a highly dynamic situation for the stock, which could be of interest to investors looking for short-term opportunities.
InvestingPro Tips suggest that the stock is currently in oversold territory based on the RSI, and the company has been quickly burning through cash, which is a critical factor for investors to consider. Additionally, analysts do not anticipate the company will be profitable this year, and there is an expectation of a sales decline in the current year. These factors underscore the importance of due diligence when considering an investment in BioSig Technologies.
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