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OneMedNet Corporation (NASDAQ:ONMD), a commercial physical and biological research services provider with a market capitalization of $25.19 million, announced Monday the appointment of Dr. Kenneth Alleyne as a Class III Director. This decision followed the expansion of the Board of Directors to nine members on February 25, 2025. Dr. Alleyne was also named to serve on the company’s Audit Committee. The appointment comes at a challenging time for the company, with InvestingPro data showing a 12.6% decline in share price over the past week.
The Board has determined that Dr. Alleyne fulfills the Nasdaq’s criteria for an "independent director" and complies with the Securities and Exchange Commission’s standards for audit committee membership. OneMedNet has confirmed there are no familial ties between Dr. Alleyne and any company directors or executive officers. Furthermore, there are no reported related party transactions involving Dr. Alleyne that would necessitate disclosure under SEC regulations.
Dr. Alleyne will receive the same compensation as other non-employee directors, as detailed in the proxy statement filed on November 8, 2024. Additionally, OneMedNet will execute an indemnity agreement with Dr. Alleyne, consistent with those signed with other non-management directors.
This strategic move comes as OneMedNet continues to strengthen its governance structure. The addition of Dr. Alleyne is expected to bring fresh perspectives to the Board, enhancing its oversight capabilities. According to InvestingPro analysis, the company faces operational challenges with negative gross profit margins, though it maintains profitability over the last twelve months. Get access to 8 more exclusive InvestingPro Tips and comprehensive financial metrics to better understand ONMD’s potential.
OneMedNet, headquartered in Eden Prairie, MN, operates within the commercial research industry under the SIC code 8731. The company, formerly known as Data Knights Acquisition Corp., underwent a name change on March 4, 2021, and is incorporated in Delaware. Currently trading at a P/E ratio of 107.5, InvestingPro analysis suggests the stock is overvalued compared to its Fair Value estimate.
The information in this article is based on a press release statement.
In other recent news, OneMedNet Corporation has achieved compliance with Nasdaq’s Listing Rule 5250(c)(1) by submitting its financial reports for the first three quarters of 2024. This development follows the company’s strategic moves, including appointing Robert Golden as the permanent Chief Financial Officer, after serving in an interim capacity. Golden’s compensation package includes a cash bonus and a grant of restricted stock units, as disclosed in the company’s SEC filing. Additionally, OneMedNet has improved its financial position by securing $6.4 million through private placements and adopting a Bitcoin treasury strategy. The company is also expanding its market presence in the Real World Data sector, having established a network of over 1,400 healthcare providers. Recent agreements, such as the one with Bayer (OTC:BAYRY)’s AI Innovation Platform, aim to enhance its commercial footprint. These developments come amid other strategic changes, including the hiring of a new Director of Business Development and VP of Marketing, and the addition of three directors to its Board.
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