DIH Holding announces board member resignation

DIH Holding US , Inc. (NASDAQ:DHAI), a company specializing in surgical and medical instruments, announced the departure of Cathryn Chen from its Board of Directors on Monday. The news comes as the company's stock has experienced significant volatility, declining over 70% in the past six months. Chen's resignation, effective immediately, was attributed to her intensive work commitments outside of the company. According to the statement released today, her decision to step down was not due to any disagreements with DIH Holding's operations, policies, or practices. InvestingPro analysis suggests the stock is currently undervalued, despite recent market challenges.

The company, formerly known as Aurora Technology Acquisition Corp., has not disclosed any plans for a replacement on the board. The resignation leaves a vacancy that the Board has yet to address. DIH Holding, with corporate headquarters in Norwell, Massachusetts, has not provided further details on the timeline or process for appointing a new director. The company generated revenue of $73.5 million in the last twelve months, with a gross profit margin of nearly 52%.

This development comes as DIH Holding continues to navigate the competitive landscape of the medical device industry. The company has not indicated how Chen's departure may affect its strategic direction or governance.

DIH Holding's stock, traded under the ticker DHAI, along with its warrants DHAIW, are both listed on The Nasdaq Stock Market LLC. The company remains in the emerging growth company category, as defined by the Securities and Exchange Commission.

Investors and stakeholders are advised that the information is based on a recent SEC filing by DIH Holding US, Inc. The company's leadership, including CEO and Chairman Jason Chen, has not provided any additional comments on the matter.

In other recent news, DIH Holding US, Inc. has completed a public offering of approximately 5.9 million common units at $0.7832 each, netting around $3.9 million after fees and expenses. These funds are expected to be used for capital expenditures related to the company's business, working capital, and general corporate purposes. The offering was conducted in partnership with Maxim Group LLC, acting as the exclusive placement agent.

In addition to the public offering, DIH Holding has expanded its strategic partnership with Zahrawi Group to include Saudi Arabia, building on a collaboration that began in 2019. This expansion aims to enhance the distribution and accessibility of DIH's advanced rehabilitation solutions across the region.

Furthermore, DIH Holding has announced the pricing of its public offering at $0.7832 per unit, aiming to raise approximately $4.6 million before fees and expenses. The Class A warrants included in the offering can be exercised immediately and will expire five years from the issuance date.

Lastly, DIH Holding has released an updated investor presentation, providing fresh insights into the company's operations, strategic direction, and financial health. The updated investor deck is available on the company's website and was disclosed in compliance with Regulation FD. These are among the recent developments for DIH Holding.

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