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EDINA, MN - PetVivo Holdings, Inc., a company specializing in medical devices for veterinary medicine, has announced the extension of its Chief Executive Officer (CEO) John Lai’s employment agreement. According to InvestingPro data, the announcement comes as the stock has experienced significant volatility, with a 52-week range of $0.29 to $1.25. The Board of Directors approved the amendment on Monday, effectively prolonging Lai’s tenure until March 31, 2027.
The updated agreement, effective from May 1, 2025, stipulates an annual base salary of no less than $150,000 for the CEO, marking a compensation enhancement from the prior terms. This adjustment is part of a broader compensatory arrangement detailed in the first amendment to the employment agreement dated March 25, 2025.
PetVivo Holdings, which operates under the OTCQB market with the ticker PETV and offers warrants on the OTCPINK market as PETVW, is recognized for its contributions to the surgical and medical instruments sector within the veterinary space. InvestingPro analysis reveals the company maintains a strong gross profit margin of 76%, despite generating revenues of $0.96 million in the last twelve months. The company, originally named Technologies Scan Corp, underwent a name change in February 2011 and is incorporated in Nevada.
The extension of Lai’s contract reflects the company’s commitment to maintaining leadership stability as it continues to navigate the competitive landscape of veterinary medical devices. InvestingPro data shows the company operates with moderate debt levels and faces some financial challenges, with short-term obligations exceeding liquid assets. The announcement adheres to the reporting requirements of the Securities Exchange Act of 1934 and was filed with the U.S. Securities and Exchange Commission (SEC) on Tuesday. Subscribers to InvestingPro can access 7 additional key insights and a comprehensive analysis of PetVivo’s financial health.
The financial terms of the agreement were disclosed in the 8-K filing by PetVivo Holdings, which also included the cover page interactive data file formatted as Inline XBRL. This information is based on a press release statement from the company.
In other recent news, PetVivo Holdings Inc. reported a significant revenue increase for the third quarter of fiscal year 2025, with revenues reaching $583,000, marking a 191% sequential rise. The company’s gross margin stood at 89.5%, and its net loss decreased compared to the previous year. PetVivo has also secured $500,000 in financing through promissory notes from existing shareholders, with a 10% annual interest rate and a one-year maturity. Additionally, PetVivo issued a promissory note worth $200,000 to a board member, carrying an annual interest rate of 12% and maturing in 2025. The company continues to expand its distribution network, now reaching over 800 veterinary clinics, which has driven significant sales growth. Recent financial maneuvers, including the issuance of warrants, are part of PetVivo’s strategy to enhance its capital structure. The company’s focus on expanding its presence in the veterinary market is underscored by its strategic initiatives and partnerships.
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