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LogicMark, Inc. (Nasdaq: LGMK) is a leading provider of personal emergency response systems (PERS), health communications devices, and innovative IoT technologies aimed at enhancing the well-being of individuals, particularly aging adults. Founded over 15 years ago, LogicMark revolutionized the PERS industry by incorporating two-way voice communication technology directly into its medical alert pendants, offering life-saving technology at an affordable price.
The company's core business revolves around creating a Connected Care Platform that enables individuals to receive care at home and maintain their independence. Their product lineup includes the acclaimed Freedom Alert Plus, a device with fall detection and Wi-Fi connectivity, and the new 4G Freedom Alert Mini, which offers GPS location services for on-the-go safety.
LogicMark's products are available through various channels, including the United States Veterans Health Administration, dealers, distributors, and direct-to-consumer sales. The company has secured a contract with the U.S. General Services Administration, allowing it to distribute products to federal, state, and local governments.
Recent financial reports highlight LogicMark's strong performance, with significant improvements in gross profit margins and a decrease in operating expenses. The company's strategic focus on supply chain efficiency and product innovation has driven these positive financial outcomes.
Under the leadership of CEO Chia-Lin Simmons, LogicMark continues to expand its product portfolio and enter new market verticals. The upcoming launch of the Aster software application, available on the Apple and Google Play Stores, exemplifies their commitment to leveraging AI and machine learning to enhance the quality of life for users.
With a mission to let people of all ages lead a life with dignity, independence, and the joy of possibility, LogicMark is dedicated to building a 'Care Village' that supports users' safety, connectivity, and well-being through cutting-edge technology and user-centric solutions.
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.
LogicMark, a provider of personal safety and emergency response systems, reported strong Q3 2024 financial results. Revenues rose 14% year-over-year to $2.7 million, driven by increased sales of the Guardian Alert 911 Plus and the new Freedom Alert Mini. Gross profit increased 13% to $1.8 million, maintaining a gross margin of 67%. Operating expenses remained flat at $3.4 million, with a 6% decline from Q2 2024. The company reported a net loss of $1.6 million, compared to $1.5 million in Q3 2023, and an adjusted EBITDA loss of $0.8 million, an improvement from a $1.1 million loss last year. As of September 30, 2024, cash and cash equivalents stood at $5.6 million. The company also completed a $4.5 million registered secondary offering in August. A reverse stock split was approved in October to regain Nasdaq compliance. Additionally, a Rights Agreement was enacted to protect against hostile takeovers.
LogicMark (Nasdaq: LGMK) has announced a strategic partnership with Black Knight Medical, a Service-Disabled Veteran-Owned Small Business (SDVOSB), to enhance access to medical alert devices for veterans across the U.S. The collaboration will leverage Black Knight Medical's expertise in medical supply distribution and government contracting. Under the agreement, both companies will jointly bid for government contracts, with LogicMark gaining preferential status for Department of Veterans Affairs (VA) contracts. The partnership will increase the availability of LogicMark's medical alert devices, including the Freedom Alert Mini and Guardian Alert series, to veterans nationwide.
LogicMark (LGMK) has implemented a Shareholder Rights Agreement with Nevada Agency and Transfer Company in response to Winvest Investment Fund's recent actions. This decision follows Winvest's claim of owning approximately 67% of LogicMark's common stock and its attempt to change company bylaws and board composition. LogicMark disputes Winvest's ownership claims and states their actions violate state and federal laws. The Rights Agreement includes a 'poison pill' provision triggered when any entity acquires 15% or more of outstanding shares, aiming to protect shareholder value while maintaining flexibility for Board-approved partnerships or acquisitions.
LogicMark (NASDAQ: LGMK) will release its third quarter 2024 financial results on November 12, 2024, after market close. CEO Chia-Lin Simmons and CFO Mark Archer will host an investor call and webcast at 1:30 PM PST / 4:30 PM EST on the same day. The company, which provides emergency response systems and health communications devices, will make the results available through their investor relations website. Investors can participate via conference call using toll-free (800) 715-9871 or toll (646) 307-1963 with Conference ID: 7663305.
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