Bimi International Medical Inc Stock Price, News & Analysis

BIMI International Medical Inc. announced on April 18, 2023, that it received a notification from Nasdaq for failing to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. This non-compliance with Nasdaq Listing Rule 5250(c)(1) does not immediately affect the company’s share listing. BIMI has 60 days to submit a compliance plan to Nasdaq, which, if accepted, may grant an extension of up to 180 days to file the necessary report. The company is committed to resolving this deficiency and regaining compliance with Nasdaq standards. Investors should note that there are risks associated with the company's ability to operate profitably and meet continued listing requirements on Nasdaq, particularly in light of economic conditions and the ongoing impacts of COVID-19.

On April 19, 2023, BIMI International Medical Inc. (NASDAQ: BIMI) announced significant outcomes from its 2023 Special Meeting of Shareholders held on April 13, 2023. Shareholders approved the issuance of up to 8.6 million shares to Chairman Fnu Oudom, contingent on the profitability of Phenix Bio Inc., which was acquired as part of this deal. If Phenix reaches a profit of $2.5 million in 2023, Oudom will hold approximately 79.34% of the Company’s outstanding shares. Additionally, 1,330,000 shares were approved as payment for a convertible promissory note, with a total issuance reaching 2 million shares in exchange for a $3 million payment. The moves highlight a strong connection between Oudom and BIMI's strategy but also raise concerns about shareholder dilution and dependence on Phenix's performance.

BIMI International Medical Inc. (NASDAQ: BIMI) announced an Amendment to the Stock Purchase Agreement regarding the acquisition of three hospitals. The purchase price has been reduced from RMB 162,000,000 to RMB 80,000,000, with cash and stock adjustments as part of this amendment. The original sellers will return RMB 20,000,000 and 636,000 shares of BIMI. Due to unmet performance targets for 2021 and 2022, the sellers forfeit contingent payments and a new performance target of RMB 5,500,000 for 2023 is established.

BIMI International Medical Inc. (NASDAQ: BIMI) announced a 1-for-10 reverse stock split effective December 9, 2022, to comply with Nasdaq listing requirements. This split aims to elevate the stock price above the $1.00 minimum bid necessary for continued listing. After the split, the number of outstanding shares will decrease from approximately 38.4 million to around 3.84 million. No fractional shares will be issued, and registered stockholders will receive updated book-entry shares. The company operates five private hospitals in China.

BIMI International Medical Inc. (NASDAQ: BIMI) announced the sale of a $2 Million promissory note to Chairman Fnu Oudom on December 6, 2022. The note has a 6% annual interest rate, payable in one year, with a conversion option to shares at $0.40 each, reflecting a 60% premium over the stock's closing price of $0.25 on the issuance date. Stockholder approval may be needed for share issuance upon conversion. The company expressed gratitude to Mr. Oudom for his continued support. BIMI focuses on healthcare products, operating five private hospitals in China.

BIMI International Medical Inc. (NASDAQ: BIMI) has agreed to sell its wholly-owned subsidiary, Chongqing Zhuoda Pharmaceutical Co., Ltd., to three Chinese citizens, marking a strategic move to dispose of underperforming assets in China. The deal involves a return of 440,000 shares previously used for the acquisition of Zhuoda. The closing is anticipated in late Q4 2022, pending regulatory approvals. CEO Tiewei Song expressed confidence in this transition, aiming to focus on growth opportunities in the United States and enhancing the company's operational efficiency.