LOGICMARK INC Stock Price, News & Analysis

LogicMark announced key changes to its Board committee assignments, strengthening its leadership in the personal emergency response systems and care technology sector. Carine Schneider, former President of Nasdaq Private Market, has been appointed Board Chair, bringing expertise in AI and blockchain technology.

The Board comprises four independent directors and the CEO, with specialized committees including Audit, Compensation, and Nominating and Corporate Governance. Notable appointments include John Pettitt (Google technology leader) as Chair of Nominating Committee, Robert Curtis as Compensation Committee Chair, and Barbara Gutierrez (Modivcare CFO) continuing as Audit Committee Chair.

Under CEO Chia-Lin Simmons, LogicMark is evolving into a technology platform focused on AI and machine learning. The company's innovation is evidenced by new solutions like Freedom Alert Max and Aster App, supported by a growing patent portfolio of 37 patents, with 23 issued and 17 filed since 2021.

LogicMark (NASDAQ: LGMK) has received U.S. General Services Administration (GSA) approval for its new Freedom Alert Max medical alert device, enabling procurement by agencies including the Veterans Administration (VA). This expands LogicMark's 17-year relationship with the federal government as an approved vendor.

The Freedom Alert Max combines medical alert functionality with cell phone technology, featuring advanced capabilities including: AI-powered fall detection, 4G LTE connectivity, GPS location services, customizable geofencing, and 24/7 U.S.-based professional monitoring. The device also offers two-way communication, emergency video capability, and integration with the Care Village Caregiver app.

The system will be available through VA hospitals, pharmacies, outpatient clinics, community health centers, and direct-to-consumer channels.

LogicMark (NASDAQ: LGMK) has closed a public offering raising $14.4 million in gross proceeds. The offering consisted of 2,260,000 units and 22,146,750 pre-funded units, priced at $0.59 and $0.589 per unit respectively. Each unit includes one share of common stock (or pre-funded warrant), plus Series C and Series D warrants.

The Series C warrants are exercisable at $0.59 per share with a 5-year term, while Series D warrants are exercisable at $0.885 per share with a 2.5-year term. Both warrant series require stockholder approval and possible charter amendments before exercise. The company plans to use the proceeds for sales and marketing of products, working capital, and general corporate purposes.

LogicMark (NASDAQ: LGMK) has announced the pricing of a $14.4 million public offering, consisting of 2,260,000 units and 22,146,750 pre-funded units at $0.59 per share. Each unit includes one share of common stock (or pre-funded warrant), plus Series C and D warrants to purchase additional shares.

The Series C warrants are exercisable at $0.59 per share with a 5-year expiration, while Series D warrants are exercisable at $0.885 per share with a 2.5-year expiration. Both warrant series require stockholder approval before exercise.

The company plans to use proceeds for sales and marketing of products, working capital, and general corporate purposes. A special stockholder meeting is scheduled for March 24, 2025, to approve a reverse stock split, the issuance of shares related to the offering, and an increase in authorized capital stock.

LogicMark (NASDAQ: LGMK) has launched the next generation of its Guardian Alert 911 Plus, a personal emergency response device featuring enhanced capabilities. The updated version includes fall detection technology, 4G LTE connectivity, and a more compact design.

Key features include built-in fall detection, direct-to-911 calling with two-way communication, no monthly fees, up to 6 days of battery life, water resistance, and over-the-air updates. The device automatically contacts emergency services when a fall is detected, even if the user cannot press the button.

The company emphasizes affordability and accessibility by eliminating subscription fees, addressing a market gap for aging adults who need critical safety technology. The device is available for presale on LogicMark's website and through their GSA contract for government buyers.

LogicMark (NASDAQ: LGMK) has secured approval to provide Personal Emergency Response Systems (PERS) through Medicaid Waiver Programs in six states: Colorado, Oregon, Idaho, Utah, Nevada, and South Dakota. The program enables eligible seniors to receive full or partial reimbursement for monthly monitoring fees when leasing LogicMark's medical alert devices.

The initiative covers two devices: the Freedom Alert Mini and Freedom Alert Max. The Max, their most advanced device, features over-the-air updates, medication reminders, geofencing, fall detection, and 24/7 monitoring. The Mini includes patented fall detection technology and geofencing capabilities.

Eligible individuals must verify their Medicaid eligibility and obtain medical justification before submitting a Prior Approval Application, typically with caseworker assistance. The company plans to expand this Medicaid waiver program throughout the U.S. in 2025.

LogicMark (LGMK) has launched Freedom Alert Max, an advanced medical alert device featuring 4G LTE technology and innovative capabilities. The device includes fall detection with emergency video for caregivers, over-the-air updates, and geofencing for patients with Alzheimer's and dementia. Key features include 24/7 US-based monitoring, GPS location services, and integration with the Care Village app for caregiver coordination.

The device is available for a one-time activation fee of $54.99, with monthly costs of $19.99 for unlimited cellular service and $34.99 for monitoring. Users can access a 90-day free trial for fall detection and geofencing features.

LogicMark (Nasdaq: LGMK) announced a 1-for-25 reverse stock split for both its common stock and Series C preferred stock, approved by shareholders on October 1, 2024. The split aims to comply with Nasdaq's $1.00 minimum bid price requirement for continued listing. Trading on a split-adjusted basis will begin on November 19, 2024, with the splits becoming effective at 5:00 p.m. Eastern Time on November 18, 2024. The company, which provides personal emergency response systems and health communications devices, expects this move to support its position for launching new products.