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Novo Integrated Sciences (NASDAQ:NVOS) has announced a securities purchase agreement with accredited institutional investors to sell approximately $8.0 million of common stock and warrants in a registered direct offering and concurrent private placement. The agreement includes the sale of 2,388,050 shares at $3.35 per share. Expected net proceeds are around $7,258,500. The offering will close on or about April 13, 2021, subject to customary conditions. Maxim Group LLC is the placement agent for this transaction.
Novo Integrated Sciences (NASDAQ:NVOS) reported its preliminary financial results for the second quarter of Fiscal Year 2021, ending February 28, 2021. Revenues were $2,075,894, a 14.5% decrease from $2,428,864 in 2020, primarily due to reduced patient visits during the COVID-19 pandemic. Operating costs surged by 109% to $2,077,390, leading to a net loss of $1,339,870, an increase of 165.6% compared to the previous year. The CEO expressed optimism about the company’s resilience and growth prospects despite ongoing challenges.
Novo Integrated Sciences (NASDAQ:NVOS) announced its participation in the Inaugural Emerging Growth Virtual Conference from March 17-19, 2021. The Company will present on March 17 at 2 p.m. EST, alongside leaders in healthcare, technology, and cannabis. Novo aims to decentralize healthcare by integrating technology and enhancing patient access to non-critical care services through its network of clinics in Canada.
Novo Integrated Sciences, Inc. (NASDAQ: NVOS) has appointed Christopher Wade as the Executive Vice-President of Strategy & Operations and Dr. Thomas Barus as Executive Vice-President of Technology for its subsidiary, Novo Healthnet Limited. CEO Robert Mattacchione expressed optimism about their extensive experience in healthcare and program implementation, which is expected to enhance the company’s growth strategy centered on advanced technology and patient care. Wade will focus on business development and operational efficiency, while Barus will lead the digital strategy to improve patient-practitioner interactions.
Novo Integrated Sciences has received approval to uplist to The Nasdaq Capital Market, with trading commencing under the unchanged symbol 'NVOS' on February 23, 2021. CEO Robert Mattacchione highlighted this uplisting as a significant milestone, promising greater visibility and liquidity for the company. Novo Integrated Sciences aims to expand its multi-dimensional primary care services through its Canadian subsidiary, Novo Healthnet Limited, which caters to various demographics including pediatric, adult, and geriatric populations.
Novo Integrated Sciences, Inc. (OTCQB:NVOSD, NVOS) has appointed Mr. James Asher as President of its Canadian subsidiary, Novo Healthnet Limited (NHL), succeeding Dr. Pierre Dalcourt. Asher brings over 20 years of experience in healthcare, focusing on patient care and wellness. This leadership change aligns with the company's strategy to enhance its service and product offerings while implementing medical technology and rehabilitative sciences. Currently, NHL operates 16 clinics and partners with 103 affiliates, serving diverse patient demographics across Canada.
Novo Integrated Sciences, Inc. (OTCQB:NVOS, NVOSD) has executed a 1-for-10 reverse stock split effective February 1, 2021, to facilitate an application for uplisting to The Nasdaq Capital Market. Post-split, shares will trade under NVOSD for 20 business days before reverting to NVOS. Each 10 shares will convert to one new share, with fractional shares rounded up. The reverse split aims to meet Nasdaq's stock price requirements, but approval is not guaranteed. The company primarily generates revenue through its Canadian subsidiary, Novo Healthnet Limited, providing multi-dimensional healthcare services.
Novo Integrated Sciences, Inc. (OTCQB: NVOS) has expanded its Board of Directors from 4 to 7 members, appointing Michael Pope, Robert Oliva, and Alex Flesias effective January 26, 2021. This move aims to enhance strategic direction and shareholder value. Pope, an experienced executive with a notable track record in finance and operations, Oliva, a successful business owner in the construction industry, and Flesias, a partner at a law firm focused on commercial litigation, bring diversified expertise to the board. Their addition is expected to drive growth and operational efficiency.