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VSee Health, Inc. (NASDAQ:VSEE) announced on Tuesday that it has amended the terms of its senior secured convertible promissory note originally issued on September 30, 2024. According to a statement in a press release and an accompanying SEC filing, the amendment revises the definition of the “Conversion Price” for the note, setting it at $0.75 per share.
The original principal amount of the note was $2,222,222 and was issued to an accredited and institutional investor under a securities purchase agreement dated September 30, 2024, which was previously amended on March 20, 2025. The company stated that, except for the change to the conversion price, all other terms, covenants, and conditions of the note remain unchanged. InvestingPro analysis reveals concerning financial health indicators, with the company rapidly depleting its cash reserves and short-term obligations exceeding liquid assets.
The amendment, dated October 21, 2025, was executed between VSee Health and the note holder. The company’s common stock and warrants continue to be listed on the Nasdaq Stock Market under the symbols VSEE and VSEEW, respectively.
This information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.
In other recent news, VSee Health, Inc. announced a significant multi-year teleradiology contract with a Level 1 hospital system, projected to generate approximately $10 million in gross revenues over the next two years. This agreement is expected to double the company’s annual recurring revenue, with potential provisions for an additional $5 million. Additionally, VSee Health has changed its independent auditor, replacing WithumSmith+Brown with WWC, a move not linked to any legal violations or fraud. The company also received a notice from Nasdaq for non-compliance with the minimum bid price rule, granting them 180 days to rectify the situation. VSee Health is set to restate previous financial statements due to identified errors, affecting reports for 2023 and 2024. In response to a delisting notice from Nasdaq for filing non-compliance, the company has requested a hearing to appeal the decision. These developments highlight a period of significant activity and adjustment for VSee Health.
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