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TYLER, Texas - NanoVibronix, Inc. (NASDAQ:NAOV), a medical device company with a market capitalization of $0.64 million and current stock price of $0.86, today announced that it is not proceeding with a $26 million registered direct offering of common stock, priced at $0.45, as previously claimed by unauthorized sources. According to InvestingPro data, the company has been experiencing significant financial challenges, with a concerning cash burn rate and substantial debt obligations. The company clarified that the information, which was disseminated by Flash Alert and FintelAlerts, was inaccurate and not issued by NanoVibronix.
The false statements about the stock offering had been circulated earlier today, prompting NanoVibronix to promptly address the situation. The company has confirmed that there is no such offering being priced or executed under Nasdaq rules, and it is taking steps to investigate the origin of the misleading information. The stock, which has fallen 86% over the past year and trades with high volatility according to InvestingPro analysis, is particularly sensitive to market misinformation.
NanoVibronix emphasized its commitment to safeguarding its stockholders and maintaining the integrity of its reputation. It is actively pursuing measures to rectify the situation and prevent any potential harm that might arise from the erroneous reports.
This incident comes as a reminder of the challenges companies face in the digital age, where information can spread rapidly and sometimes without verification. NanoVibronix’s swift response underlines the importance of providing accurate information to the market and its investors.
The company, known for its innovative medical devices using therapeutic ultrasound, has not provided any further details on the ongoing investigation or potential actions to be taken against the parties responsible for the false alerts. Financial metrics from InvestingPro reveal the company generated $2.66 million in revenue over the last twelve months, with a gross profit margin of 45.57%, though it remains unprofitable. Get access to 12 additional exclusive ProTips and comprehensive financial analysis to make more informed investment decisions.
Investors and the public are advised to rely on official announcements directly from the company for accurate information regarding its financial activities. The company’s statement is based on a press release issued to address the misinformation and to clarify its current position on the matter.
In other recent news, NanoVibronix, Inc. announced a public offering expected to raise approximately $10 million, with the net proceeds aimed at redeeming outstanding debts and supporting general corporate purposes. The offering includes shares of Series G Convertible Preferred Stock and Warrants, with Dawson James Securities, Inc. as the sole bookrunning manager. Additionally, the company has regained compliance with Nasdaq’s listing requirements, addressing previous delisting concerns related to minimum bid price and stockholders’ equity. NanoVibronix also secured a $360,000 promissory note through its subsidiary, ENvue Medical Holdings, Corp., with an interest rate of 8.0% due by June 2025.
Furthermore, NanoVibronix expanded its distribution agreement with Dukehill Healthcare Pty Ltd. to cover all Australian states, following an independent study that highlighted the effectiveness of its UroShield device. This expansion comes amid increased demand in regions like South Australia and Victoria. In another development, Aurora Cassirer resigned from the board of directors, a decision not linked to any internal disagreements. The company is yet to announce a successor for Cassirer’s board position. These updates reflect NanoVibronix’s ongoing efforts to enhance its financial stability and market presence.
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