Cosmos Health Inc. Stock Price, News & Analysis

Cosmos Health Inc. (NASDAQ: COSM) has announced its first purchase order for the distribution of Virax Biolabs' COVID-19 and Influenza A+B Antigen Combo Rapid Detection Kits. The agreement grants Cosmos exclusive distribution rights for Greece and Cyprus and the opportunity to expand distribution across Europe. The single-use test kit offers a qualitative detection method for COVID-19 and Influenza A+B from nasal swab specimens. CEO Greg Siokas expressed optimism about meeting the strong demand for quick testing solutions in these regions and emphasized the company's solid financial position to build strategic partnerships.

Virax Biolabs Group Limited (Nasdaq: VRAX) has announced a Purchase Order with Cosmos Health (Nasdaq: COSM) to launch COVID-19 and Influenza A+B Antigen Combo Rapid Detection Kits. This follows their distribution agreement from September 2022, granting Cosmos exclusive rights in Greece and Cyprus, with potential for broader distribution across Europe. The rapid tests, designed for qualitative detection of viral antigens, provide results in just 15 minutes. The partnership aims to address significant health challenges posed by COVID-19 and influenza, which collectively account for millions of severe illnesses and deaths globally.

Cosmos Health Inc. (Nasdaq:COSM) has initiated the application process for a dual listing on Upstream, a platform for digital securities and NFTs, to attract a global investor base. This move aims to enhance liquidity and price discovery by allowing trades in USDC digital currency, credit, debit, PayPal, and USD. CEO Greg Siokas emphasized the importance of accessing a wider audience to increase shareholder value. The approval for listing is subject to MERJ's acceptance, but Cosmos Health may qualify for an expedited process due to its NASDAQ status.

Cosmos Health Inc. (Nasdaq:COSM) announced the appointment of Nikos Bardakis as Chief Operating Officer, bringing over 20 years of international experience in the pharmaceutical sector. Bardakis aims to enhance operational excellence and drive global expansion of Cosmos' premium products. He previously served as National Sales Director at Servier Hellas, managing over 130 employees. Bardakis succeeds Pavlos Ignatiades, who transitions to Chief Communications Officer, focusing on consistent messaging and stakeholder communication. CEO Greg Siokas expressed confidence in the leadership changes, aligning with the company's growth strategy and transition to focus on health and wellness.

Cosmos Health, Inc. (Nasdaq:COSM) has engaged top legal firms, Christian Levine Law Group and Warshaw Burstein, LLP, to address potential instances of naked short selling and stock manipulation. Following an analysis of trading data from Shareholder Intelligence Services, management believes there is justification to pursue this issue to protect shareholder interests. CEO Greg Siokas emphasized the company's commitment to shareholder welfare and its ongoing strategic initiatives aimed at revenue growth. This includes a share buyback program to maximize shareholder value.

Cosmos Health (Nasdaq:COSM) announced a share repurchase program authorizing up to $3 million for its common stock. This program will be funded through the company's working capital, which stood at approximately $21 million as of December 31, 2022. The company intends to enhance shareholder value amidst current market conditions and believes this move reflects confidence in its operating fundamentals and growth prospects. The buyback will occur in accordance with applicable securities laws and could be renewed after its expiration on January 23, 2024.

Cosmos Health (Nasdaq:COSM) has extended its non-binding letter of intent to acquire ZipDoctor Inc. from American International Holdings Corp. (AMIH), successfully renegotiating the acquisition price. This telemedicine platform provides direct-to-consumer access to certified physicians and mental health counselors, projected to capture a sizeable share of the U.S. telehealth market, valued at $23.8 billion in 2021 and expected to reach $309.9 billion by 2030. The updated agreement remains effective until February 15, 2023. CEO Greg Siokas expressed optimism for the acquisition, highlighting potential growth in health services.

Cosmos Health, Inc. (Nasdaq:COSM) announced a remarkable 78% reduction in its debt, decreasing from $21.2M in 2021 to $4.6M in 2022. This reduction exceeded the company's previous guidance of a 50% decrease. The debt reduction was primarily driven by a $32.5M registered public offering. Consequently, Cosmos expects its interest expense in 2023 to fall by 72%, down to approximately $0.6M, compared to $2.2M in 2022. CEO Greg Siokas emphasized the strengthened balance sheet enhances the company’s risk profile and supports their ongoing growth strategy.

Cosmos Health (Nasdaq:COSM) has extended its binding letter of intent to acquire Pharmaceutical Laboratories CANA S.A., a Greek pharmaceutical manufacturer. The revised agreement, effective until May 31, 2023, features improved payment terms. CEO Greg Siokas emphasized the acquisition's strategic importance, highlighting expected synergies and enhanced vertical integration. Cana, established in 1928, has a broad portfolio including pharmaceuticals and medical devices. Its facilities in Athens are certified under European Good Manufacturing Practices (GMP).