Mobile-health Network Solutions launches $300 million ATM offering

SINGAPORE - Mobile-health Network Solutions (NASDAQ:MNDR), an AI-powered digital health platform trading at $1.07 per share, announced Thursday the launch of an At-the-Market (ATM) equity offering to raise up to $300 million, according to a press release statement. The company, which InvestingPro data shows holds more cash than debt on its balance sheet, has seen its stock decline over 90% in the past year.

The Singapore-based company plans to allocate proceeds toward developing advanced large language models for medical case assessment, expanding AI-driven teleconsultation services across Asia, and building pharmacy delivery infrastructure. With a current market capitalization of just $4.67 million and a healthy current ratio of 2.04, the company appears undervalued according to InvestingPro Fair Value estimates.

"This ATM offering is a pivotal step in realizing our vision of a truly scalable, technology-enabled healthcare ecosystem," said MNDR Co-CEO Dr. Siaw Tung Yeng.

The company indicated that any net proceeds not immediately deployed may be invested in short-term, interest-bearing, investment-grade instruments. Specific terms of the offering will be provided in a prospectus supplement to be filed with the U.S. Securities and Exchange Commission.

Mobile-health Network Solutions currently operates across Southeast Asia with plans to expand into the U.S. market. The company provides telemedicine, AI-driven health tools, and virtual clinic infrastructure.

A registration statement on Form F-3 relating to the securities has been filed with the SEC but has not yet become effective. The company noted that sales will only be made pursuant to a prospectus and related prospectus supplement.

In other recent news, Mobile-health Network Solutions has announced its intent to acquire Lifepack, an Indonesian pharmacy and telehealth platform, for up to $7.2 million. This acquisition aims to enhance Mobile-health Network Solutions’ presence in Southeast Asia and expand its telehealth and pharmacy services in Indonesia. The deal includes issuing up to 875,000 new Class A Ordinary Shares at a premium price, contingent on Lifepack meeting its 2025 revenue target. Additionally, the company has initiated a share repurchase program, authorizing the buyback of up to 214,000 Class A Ordinary Shares over the next year. This move reflects the Board’s confidence in the company’s long-term growth potential. Mobile-health Network Solutions has also opted for certain Nasdaq rule exemptions, allowing it to bypass shareholder approval for specific securities issuances. These developments are part of the company’s strategy to strengthen its market position and expand its service offerings.

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