BIMI International Medical Concludes A Securities Purchase Agreement With Two Investors

BIMI International Medical sells through its stores medical and pharmaceutical products and devices, food additives, and hygienic goods. The business is worth $35,517M as the stock price soared 70 Percent on Tuesday after stagnating at $0.65 for fortnights. Thus, the cost for the first time in the current month broke through the $ 1 mark, reaching the price of $1.11. Such a huge and sharp jump was influenced by the positive reaction of investors to the company’s 3Q results. On Thursday, trading closed at $0.97. Moreover, BIMI surges 10% in pre-market trading today.

In the latest news that may have sparked the rise, the recent agreement (SPA) with two holders to sell convertible bonds in a private placement for $ 7,800,000. These bonds are also provided with a four-year guarantee (warrants) for the purchase of almost 2 million shares of common stock. They can make a purchase after shareholders approve the issue of such shares at a price of $ 0.71, that is, after February 15 of the next year. In case of not receiving approval, such meetings will be held once every half a year. Net proceeds will be used to meet the company’s goals. At the end of November, namely on the 25th, the placement will be closed, subject to the completion of the closing conditions.