Biotricity Preferred Shareholders Show Increased Commitment and Support of the Company by Converting Almost All Preferred A Shares into Restricted Common Stock
Biotricity (NASDAQ: BTCY), a leader in Technology-as-a-Service (TaaS) in healthcare, announced that 97% of its Preferred A shareholders have converted their shares into Restricted Common Stock.
This move signifies a strong confidence in Biotricity's future and its ability to meet upcoming milestones. Dr. Waqaas Al-Siddiq, Founder and CEO, highlighted that this conversion indicates increased enthusiasm from long-term shareholders.
Recent achievements for the company include securing three GPO partnerships that cover 87% of US hospitals, increased margins, higher revenues, and reduced losses. Biotricity is also approaching EBITDA neutrality and becoming cash flow positive monthly.
- 97% of Preferred A shares converted to Restricted Common Stock, showing strong shareholder commitment.
- Secured 3 GPO partnerships covering 87% of US hospitals.
- Increased profit margins and revenues.
- Reduced financial losses.
- Moving closer to EBITDA neutrality and monthly cash flow positivity.
- Conversion to Restricted Common Stock may indicate potential dilution of existing common shares.
- Still not EBITDA neutral or consistently cash flow positive, indicating ongoing financial challenges.
Insights
The conversion of 97% of Biotricity's Preferred A shares into Restricted Common Stock by existing shareholders is a significant development. This move suggests increasing confidence from long-term investors, which could positively impact the company’s stock price and stability. The transition to restricted common stock implies that shareholders are willing to hold onto their investment for a potentially longer period, reducing immediate sell-off pressure. This can be seen as a positive signal to the market, indicating faith in the company's future prospects.
Moreover, Biotricity’s recent milestones, like securing GPO partnerships covering 87% of US hospitals, achieving increased margins and moving towards EBITDA neutrality, are encouraging indicators of operational efficiency and revenue growth. These factors contribute to enhanced investor confidence and could lead to a more favorable valuation in the short term. However, it's essential to monitor if the company can sustain these improvements and reach consistent profitability.
The healthcare industry, particularly the diagnostic solutions segment, presents substantial growth opportunities. Biotricity's progress in securing GPO (Group Purchasing Organization) partnerships covering a large proportion of US hospitals indicates strong market penetration. These partnerships can provide a steady revenue stream and enhance the company's market position. The willingness of stakeholders to convert their shares demonstrates confidence in Biotricity's ability to capitalize on these opportunities effectively.
However, it’s important to consider the competitive landscape and the company's ability to maintain its unique value propositions. While the conversion is a positive sign, investors should remain vigilant about the company's ability to innovate and stay ahead of competitors in a rapidly evolving market.
REDWOOD CITY, CA / ACCESSWIRE / June 4, 2024 / Biotricity Inc.] (NASDAQ:BTCY), a leading Technology-as-a-Service (TaaS) company dedicated to disrupting the healthcare industry with cutting-edge medical and consumer diagnostic solutions, is thrilled to announce that the majority of its existing Preferred A shareholders have converted
"This recent conversion shows the growing enthusiasm our long-term shareholders have for the Company and their confidence in the execution and upcoming milestones of the company," remarked Dr. Waqaas Al-Siddiq, Founder and CEO of Biotricity.
Recently, Biotricity has accomplished major milestones, including securing 3 GPO partnerships covering
For further information about Biotricity Inc. and its innovative healthcare solutions, please visit www.biotricity.com/investors.
About Biotricity
Biotricity stands at the forefront of the medical technology landscape, pioneering the future of healthcare with cutting-edge remote biometric monitoring solutions. Biotricity offers the medical and consumer sectors, an array of advanced diagnostic and post-diagnostic solutions designed to improve chronic conditions and enhance cardiac health. To learn more, visit www.biotricity.com and follow us on Twitter and LinkedIn.
Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," "project," or "goal" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of HeartSecure or any of the Company's other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events, or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to several risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements because of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. There cannot be any assurance that the Company will ever become profitable. The Company assumes no obligation to update any forward-looking statements to reflect any event or circumstance that may arise after the date of this release.
Investor Relations Contacts
SOURCE: Biotricity, Inc.
View the original press release on accesswire.com
FAQ
What does Biotricity's (BTCY) recent share conversion mean?
How will Biotricity's (BTCY) Preferred A share conversion affect existing shareholders?
What recent milestones has Biotricity (BTCY) achieved?
Is Biotricity (BTCY) financially stable?
