Bimi International Medical Inc - BIMI STOCK NEWS

BIMI International Medical Inc. (NASDAQ: BIMI) held its 2022 Annual Meeting of Stockholders on July 13, 2022. Key outcomes included the election of seven directors and approval of an amended certificate of incorporation, which requires stockholder approval for bylaw changes and eliminates written consent actions. The Board was granted the authority for a potential reverse stock split of 1-10 shares, and the sale of 12.5 million shares to Chairman Fnu Oudom was sanctioned. Additionally, the meeting ratified Audit Alliance LLP as auditors for the year ending December 31, 2022.

BIMI International Medical Inc. (NASDAQ: BIMI) announced the acquisition of Phenix Bio Inc. for $1.8 million, comprising $180,000 in cash and 2.7 million BIMI shares at $0.60 each, pending shareholder approval. The deal aims to enhance BIMI's growth strategy by expanding its healthcare product distribution capabilities, particularly targeting recovery and disease prevention areas. The transaction is expected to close in Q3 2022, contingent on shareholder approval by January 2023. CEO Tiewei Song emphasized the acquisition's potential to deliver quality products and create shareholder value.

BIMI International Medical Inc. (NASDAQ: BIMI) will hold its annual shareholder meeting on July 13, 2022, at 11:00 a.m. in Chongqing, China. Shareholders are encouraged to vote and submit proxies ahead of the meeting. BIMI, established in 2006, is a healthcare provider operating five private hospitals in China. The company emphasizes the importance of shareholder participation and provides a proxy voting process. Important forward-looking statements include risks related to operations, profitability, and compliance with NASDAQ listing requirements, amid challenges such as COVID-19 impacts and market demand.

BIMI International Medical Inc. (NASDAQ: BIMI) announced on June 9, 2022, a Stock Purchase Agreement with Chairman Fnu Oudom for 12.5 million shares at $5 million, pending stockholder approval. The price reflects a 9% discount on the five-day average stock price. Oudom provided interim financing of $5 million through a subordinated promissory note, which will be settled upon stockholder approval. Additionally, BIMI entered into a Waiver Agreement with institutional investors to alleviate certain obligations under a previous Securities Purchase Agreement, agreeing to utilize $500,000 of the proceeds for debt reduction.

BIMI International Medical Inc. (NASDAQ: BIMI) reported significant revenue growth for Q1 2022, achieving $5,019,748, up from $2,168,004 in Q1 2021, marking an increase of $2,851,744. This rise is primarily attributed to increased medical device sales and newly acquired medical services from three hospitals. Gross margins improved from 27% to 29%. However, operating expenses rose to $4,015,169, influenced by higher executive salaries. The company's net loss decreased to $2,740,480 compared to a loss of $3,290,627 in the previous year.

BIMI International Medical Inc. announced on May 12, 2022, the appointment of Mr. Fnu Oudom as Chairman and President, along with Ms. Sammi Earn Seok Ang as an independent director. This strategic decision aims to enhance corporate governance and diversity. Oudom plans to refocus the company on the US market and invest in new opportunities. The leadership changes are expected to bring positive developments, aligning with the company's initiative to improve its governance and operational strategies.

BIMI International Medical Inc. (NASDAQ: BIMI) has appointed Mr. Fnu Oudom as a director effective May 9, 2022, following a recent director's resignation. Oudom brings extensive experience from FCCC Inc. and has held leadership roles in various organizations, including the Time Chain Group and UN Economic and Social Council representations. The Company aims to leverage Oudom's expertise to enhance strategic insights and maximize stockholder value. BIMI, founded in 2006, operates five private hospitals in China and focuses on healthcare products and services.

BIMI International Medical Inc. (NASDAQ: BIMI) reported its fiscal year 2021 results, showcasing a revenue increase to $27.08 million from $12.84 million in 2020, primarily from the Guanzan Group acquisition and additional hospitals. Despite this growth, the gross profit margin declined to 17% from 19%, mainly due to lower margin products in wholesale pharmaceuticals. Operating expenses surged by 99% to $12.70 million, significantly impacting net loss, which expanded to $34.92 million from $1.88 million. Cash reserves were $4.80 million, with negative working capital of $932,493.

BIMI International Medical Inc. has announced an amendment to the Stock Purchase Agreement for the acquisition of Chaohu Zhongshan Minimally Invasive Hospital. The amendment, effective February 1, 2022, reduces the purchase price by 50% from RMB 120 million to RMB 60 million, and eliminates the cash payment previously due. Additionally, the 2021 and 2022 revenue and profit targets have been significantly lowered. The seller will return 1 million shares and RMB 40 million cash to BIMI. The CEO believes the focus on gynecology presents a strong growth potential for the company.