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NEW YORK - BioSig Technologies, Inc. (NASDAQ:BSGM), which recently merged with Streamex Exchange Corporation, has completed its previously announced underwritten public offering, raising approximately $15 million in gross proceeds. The company, currently valued at $86.6 million, has seen its stock surge over 920% in the past year, according to InvestingPro data.
The company sold 3,852,149 shares of common stock at a public offering price of $3.90 per share with no pre-funded warrants, according to a press release statement issued Friday. The stock, which currently trades above its InvestingPro Fair Value, has demonstrated significant volatility with a beta of 1.65.
Clear Street and Needham & Company served as joint book-running managers for the offering, which was conducted pursuant to a shelf registration statement on Form S-3 declared effective by the Securities and Exchange Commission in December 2024.
BioSig intends to use the net proceeds to purchase gold bullion in accordance with the company’s investment policy, for general corporate purposes, and for working capital. With a current ratio of 2.37, the company maintains healthy liquidity to meet its short-term obligations. Want deeper insights? InvestingPro offers 12 additional exclusive tips about BSGM’s financial health and market position.
"We now have been able to marry a short and long-term capital strategy for the company with high-quality shareholders to support this pivotal point in our development," said Henry McPhie, CEO of BioSig and Co-Founder of Streamex. Analysts maintain a Strong Buy recommendation with a $10 price target, suggesting potential upside from current levels.
Streamex is described as a real-world asset and gold tokenization company building infrastructure to bring the gold market on chain. It operates as a wholly owned subsidiary of BioSig Technologies, which also maintains a medical device technology division focused on an advanced digital signal processing platform for electrophysiologists treating cardiovascular arrhythmias.
The offering was made through a final prospectus supplement filed with the Securities and Exchange Commission, together with an accompanying base prospectus.
In other recent news, BioSig Technologies, Inc. has announced a public offering of 3,852,149 shares of common stock priced at $3.90 per share, expecting to raise approximately $15 million before expenses. The company plans to use the proceeds from this offering to purchase gold bullion, aligning with its investment strategy, and for general corporate purposes. Additionally, BioSig amended its debenture agreement with Yorkville, allowing for two secured convertible debentures of $25 million each, with provisions for further debentures totaling up to $50 million.
In a strategic move, BioSig’s subsidiary, Streamex Exchange Corporation, has engaged Compliance Exchange Group to manage the acquisition of a registered broker-dealer. This acquisition aims to position Streamex as a pioneer in issuing regulated gold-backed digital assets in the U.S. Furthermore, Russell Starr has joined Streamex as a Strategic Advisor, bringing his expertise in capital markets and business development. These developments highlight BioSig’s ongoing efforts to strengthen its financial position and expand its strategic initiatives.
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