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LOUISVILLE - LogicMark, Inc. (NASDAQ:LGMK), a company specializing in personal emergency response systems (PERS) and health communication devices, today announced significant changes to its Board of Directors’ committee assignments, reflecting its strategic focus on technology and the care economy. The company, which generated revenues of $9.9 million in the last twelve months, faces significant challenges, as indicated by its Weak Financial Health Score on InvestingPro.
The Board, comprising four independent non-executive directors and the CEO, has realigned its committee structure to better align with the company’s operational and strategic direction. Carine Schneider, a director since October 2023, has been appointed as the Board Chair and continues her role on the Compensation Committee. Schneider’s background includes leadership positions at Nasdaq Private Market and Certent, with expertise in capital markets, SaaS, AI, and blockchain technology.
John Pettitt, with the company since March 2022, is now the Chair of the Nominating and Corporate Governance Committee and remains on the Audit and Compensation Committees. Pettitt brings extensive software, e-commerce experience, and a history of entrepreneurial success, including founding and taking companies public.
Robert Curtis, a Director since July 2018, has been named Chair of the Compensation Committee and maintains his position on the Audit Committee. Curtis is known for his extensive experience in biotech and healthcare, focusing on early-stage company development and strategic growth.
Barbara Gutierrez, who joined the Board in May 2022, continues as Chair of the Audit Committee and as the Board’s designated financial expert. A Certified Public Accountant and Chartered Management Accountant, Gutierrez is also the CFO of Modivcare and has a 30-year track record of leading IPOs and complex financings.
Chia-Lin Simmons, the CEO of LogicMark, has been an executive Board member since June 2021 and does not serve on Board committees, adhering to governance best practices. Her 30 years in technology, including executive roles at Google, Audible/Amazon, Harman International, and as the founder of AI startup LookyLoo, underscore her expertise in AI, IoT, and SaaS.
The Board’s updated committee assignments come as LogicMark aims to transform into a leading-edge technology platform, leveraging AI and machine learning. The company has launched products like the Freedom Alert Max and the Aster App, and holds a growing patent portfolio, which includes 37 patents with 23 issued and 17 filed since 2021. Despite recent challenges, InvestingPro analysis shows the company maintains financial flexibility with a healthy current ratio of 2.63 and more cash than debt on its balance sheet. Subscribers can access 13 additional ProTips and comprehensive financial metrics through InvestingPro’s detailed research reports.
LogicMark’s products are distributed through various channels, including the U.S. Veterans Health Administration, dealers, and direct-to-consumer sales. The company also holds a contract with the U.S. General Services Administration, allowing distribution to federal, state, and local governments.
This news is based on a press release statement from LogicMark, Inc.
In other recent news, LogicMark, Inc. has announced several significant developments impacting its corporate and operational strategies. The company recently reported an increase in its authorized capital stock from 110 million to 880 million shares, including an expansion of common stock to 800 million shares and the allocation of 80 million shares to "blank check" preferred stock. This amendment, approved by stockholders, is intended to provide LogicMark with enhanced flexibility for future corporate needs. Additionally, stockholders have approved a reverse stock split for both common and Series C Preferred Stock, with the Board having the discretion to determine the exact ratio by December 31, 2025.
In another development, LogicMark has received a Nasdaq delisting notice due to its stock failing to meet the minimum bid price requirement of $1.00 per share for 30 consecutive business days. The company plans to appeal this decision and is working on a compliance plan, although it acknowledges the uncertainty surrounding the outcome. Meanwhile, LogicMark has launched its upgraded Guardian Alert 911 Plus, a medical alert device that features 4G LTE connectivity and advanced fall detection without a monthly subscription fee. This new device aims to enhance safety for individuals needing emergency support, particularly seniors and those with medical conditions.
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