LogicMark, Inc. Announces Pricing of $4.5 Million Public Offering Priced At-The-Market
LogicMark Inc (Nasdaq: LGMK) has announced the pricing of a $4.5 million public offering and scheduled a special stockholder meeting for October 1, 2024. The offering consists of 9,670,000 units priced at $0.4654 each, with each unit including one share of common stock (or pre-funded warrant), one Series A warrant, and one Series B warrant. The company plans to use the net proceeds for working capital and general corporate purposes. The offering is expected to close on August 5, 2024.
The special stockholder meeting will seek approval for a reverse stock split and the issuance of 20% or more of common shares related to the offering, aiming to maintain compliance with Nasdaq listing requirements. Stockholders of record as of August 5, 2024, will be eligible to vote.
LogicMark Inc (Nasdaq: LGMK) ha annunciato il prezzo di una offerta pubblica di $4,5 milioni e ha programmato una riunione speciale degli azionisti per il 1° ottobre 2024. L'offerta consiste in 9.670.000 unità quotate a $0,4654 ciascuna, con ogni unità che include una azione ordinaria (o warrant pre-finanziato), un warrant Serie A e un warrant Serie B. L'azienda prevede di utilizzare i proventi netti per capitale di lavoro e scopi aziendali generali. Si prevede che l'offerta si concluderà il 5 agosto 2024.
La riunione speciale degli azionisti cercherà l'approvazione per un raggruppamento azionario inverso e l'emissione del 20% o più di azioni ordinarie correlate all'offerta, mirando a mantenere la conformità con i requisiti di quotazione di Nasdaq. Gli azionisti registrati il 5 agosto 2024, saranno idonei a votare.
LogicMark Inc (Nasdaq: LGMK) ha anunciado el precio de una oferta pública de $4,5 millones y ha programado una reunión especial de accionistas para el 1 de octubre de 2024. La oferta consiste en 9,670,000 unidades valoradas en $0.4654 cada una, donde cada unidad incluye una acción ordinaria (o warrant prefinanciado), un warrant de la Serie A y un warrant de la Serie B. La compañía planea utilizar los ingresos netos para capital de trabajo y propósitos corporativos generales. Se espera que la oferta cierre el 5 de agosto de 2024.
La reunión especial de accionistas buscará la aprobación para un consolidación de acciones inversa y la emisión del 20% o más de acciones ordinarias relacionadas con la oferta, con el objetivo de mantener el cumplimiento de los requisitos de cotización de Nasdaq. Los accionistas registrados a partir del 5 de agosto de 2024 serán elegibles para votar.
로직마크 주식회사 (Nasdaq: LGMK)는 를 발표하고 2024년 10월 1일에 특별 주주 총회를 예정했습니다. 이번 공모는 9,670,000개의 유닛으로 구성되며 각 유닛은 $0.4654에 가격이 매겨져 있으며, 각 유닛에는 보통주(또는 선기권 워런트), A 시리즈 워런트 및 B 시리즈 워런트가 포함됩니다. 회사는 순이익을 운영 자본과 일반 기업 용도에 사용할 계획입니다. 이번 공모는 2024년 8월 5일에 마감될 것으로 예상됩니다.
특별 주주 총회는 역분할 및 공모와 관련하여 20% 이상의 보통주 발행 승인을 받을 것입니다. 이는 Nasdaq 상장 요건을 준수하기 위한 것입니다. 2024년 8월 5일 기준으로 주주 명부에 등록된 주주는 투표할 자격이 있습니다.
LogicMark Inc (Nasdaq: LGMK) a annoncé le prix d'une offre publique de 4,5 millions de dollars et a programmé une réunion extraordinaire des actionnaires pour le 1er octobre 2024. L'offre se compose de 9 670 000 unités au prix de 0,4654 $ chacune, chaque unité comprenant une action ordinaire (ou warrant préfinancé), un warrant de Série A et un warrant de Série B. La société prévoit d'utiliser le produit net pour le fonds de roulement et les objectifs généraux de l'entreprise. La clôture de l'offre est prévue pour le 5 août 2024.
La réunion extraordinaire des actionnaires cherchera à obtenir l'approbation pour un regroupement d'actions inversé et l'émission de 20 % ou plus d'actions ordinaires liées à l'offre, afin de maintenir la conformité avec les exigences d'inscription de Nasdaq. Les actionnaires enregistrés au 5 août 2024 auront droit de vote.
LogicMark Inc (Nasdaq: LGMK) hat die Preisgestaltung für ein Öffentliches Angebot von 4,5 Millionen Dollar bekannt gegeben und eine besondere Aktionärsversammlung für den 1. Oktober 2024 anberaumt. Das Angebot besteht aus 9.670.000 Einheiten, die zu je 0,4654 Dollar bewertet sind. Jede Einheit umfasst eine Stammaktie (oder vorfinanzierte Warrant), einen Series A Warrant und einen Series B Warrant. Das Unternehmen plant, die Nettoerlöse für Betriebskapital und allgemeine Unternehmenszwecke zu verwenden. Das Angebot soll am 5. August 2024 abgeschlossen werden.
Die besondere Aktionärsversammlung wird um Genehmigung eines Reverse Stock Split und die Ausgabe von 20% oder mehr der Stammaktien im Zusammenhang mit dem Angebot bitten, um die Einhaltung der Anforderungen für die Nasdaq-Notierung aufrechtzuerhalten. Aktionäre, die am 5. August 2024 in das Aktienregister eingetragen sind, sind berechtigt zu stimmen.
- Secured $4.5 million in gross proceeds through public offering
- Potential to raise additional capital through warrant exercises
- Proactive measures to maintain Nasdaq listing compliance
- Significant dilution for existing shareholders due to large number of units offered
- Low offering price of $0.4654 per unit indicates weak market position
- Need for reverse stock split suggests struggling share price
- Potential delisting risk if stockholder approvals are not obtained
LogicMark's
Key points to consider:
- The offering price of
$0.4654 per unit indicates a low share price, which could reflect current market conditions or company-specific challenges. - The inclusion of both Series A and Series B warrants, exercisable at
$0.4654 , provides potential upside for new investors but may lead to further dilution if exercised. - The need for stockholder approval for warrant exercisability and a potential reverse stock split suggests the company is navigating Nasdaq listing compliance issues.
The planned use of proceeds for working capital and general corporate purposes, without specific allocations, raises questions about the company's immediate financial needs and growth strategy. Investors should closely monitor LogicMark's cash burn rate and operational efficiency in the coming quarters.
The scheduled special stockholder meeting on October 1, 2024, to approve a reverse stock split and the issuance of
LogicMark's public offering and potential reverse stock split reflect broader challenges in the personal emergency response systems (PERS) and care technology sector. The company's struggle to maintain Nasdaq compliance suggests it may be losing ground in a competitive market landscape.
Industry trends to watch:
- Increasing demand for advanced health communication devices in the growing care economy
- Shift towards integrated smart home solutions for elderly care
- Rising competition from tech giants entering the healthcare space
LogicMark's ability to innovate and differentiate its products will be important for future growth. The
The company's focus on maintaining Nasdaq listing, rather than announcing new product developments or partnerships, could indicate a defensive posture. Investors should assess LogicMark's product pipeline and market positioning relative to competitors to gauge its long-term viability in the evolving care technology landscape.
Special Stockholder Meeting Also Announced to be Held on October 1, 2024
LOUISVILLE, Ky., Aug. 02, 2024 (GLOBE NEWSWIRE) -- LogicMark, Inc. (Nasdaq: LGMK), a provider of personal emergency response systems, health communications devices, and technology for the growing care economy, today announced the pricing of its public offering priced at-the-market, and the scheduling of its special stockholder meeting for October 1, 2024.
Public Offering
The public offering consists of 9,670,000 units, with each unit consisting of one share of common stock (or pre-funded warrant in lieu thereof), one Series A warrant to purchase one share of common stock and one Series B warrant to purchase one share of common stock. Gross proceeds, before deducting placement agent discounts and commissions and estimated offering expenses, are expected to be approximately
Each unit is being sold at a public offering price of
The offering is expected to close on August 5, 2024, subject to customary closing conditions.
The offering will be conducted pursuant to the Company's registration statement on Form S-1 (File No. 333-279133), as amended, which was declared effective by the U.S. Securities and Exchange Commission (“SEC”), on August 1, 2024. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov.
Electronic copies of the final prospectus relating to this offering, when available, may be obtained on the SEC’s website at http://www.sec.gov or by contacting Roth Capital Partners, LLC at 888 San Clemente Drive, Newport Beach CA 92660, by phone at (800) 678-9147.
Roth Capital Partners is acting as exclusive placement agent and Sullivan & Worcester LLP is serving as special counsel for the Company in connection with this offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Special Meeting of Stockholders
The Company also announced today that it intends to hold a Special Meeting of its Stockholders on October 1, 2024 for the purpose of (a) seeking approval for (a) a reverse split of the Company’s shares of common stock and shares of Series C preferred stock, and (b) approval for the issuance of
All press releases, SEC filings, and webcast replays are accessible on the LogicMark, Inc. investor relations website.
About Us
LogicMark, Inc. (Nasdaq: LGMK) is on a mission to let people of all ages lead a life with dignity, independence, and the joy of possibility. The Company provides personal safety and emergency response systems, health communications devices, personal safety apps, services, and technologies to create a Connected Care Platform. Made up of a team of leading technologists with a deep understanding of IoT, AI, and machine learning and a passionate focus on understanding consumer needs, LogicMark is dedicated to building a ‘Care Village’ with proprietary technology and creating innovative solutions for the care economy. The Company’s PERS technologies are sold through the United States Veterans Health Administration, dealers, distributors, and direct-to-consumer. LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments. For more information visit LogicMark.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to, among other things, the completion of the public offering discussed above, the satisfaction of customary closing conditions related to such offering, the anticipated use of proceeds from such offering, the Company’s intention to hold a special meeting of its stockholders in October 2024,and the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long-range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; the Company’s ability to hold its special meeting in order to approve the proposals described above, the Company’s ability to maintain its Nasdaq listing for its common stock; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the SEC.
Investor Relations Contact
investors@logicmark.com
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