Monogram Technologies Announces Preferred Stock Dividends

Rhea-AI Summary

Monogram Technologies Inc. (NASDAQ:MGRM), an AI-driven robotics company focused on orthopedic surgery, has declared a dividend of $0.0255 per share for holders of its 8.00% Series D Convertible Cumulative Preferred Stock. The dividend will be paid in kind based on the closing price of Monogram's common stock on September 30, 2024. Shareholders of record as of October 1, 2024 will receive the dividend on October 15, 2024.

The company has established a quarterly dividend schedule for Series D Preferred Stockholders, with payments to be made on or about the 15th day of January, April, July, and October, starting from October 15, 2024.

Positive

• Declaration of $0.0255 per share dividend for Series D Preferred Stock holders
• Establishment of a regular quarterly dividend schedule
• Dividend to be paid in kind, potentially preserving cash reserves

Negative

• Dividend payment in kind may dilute existing shareholders

AUSTIN, TX / ACCESSWIRE / October 1, 2024 / Monogram Technologies Inc. (NASDAQ:MGRM) ("Monogram" or the "Company"), an AI-driven robotics company focused on improving human health with an initial focus on orthopedic surgery, announced today the declaration of a dividend of $0.0255 per share payable to holders of record of shares of the Company's 8.00% Series D Convertible Cumulative Preferred Stock (the "Series D Preferred Stock") at the close of business on October 1, 2024. In addition, the Company announced that it will be paying the dividend in kind based on the closing price of its common stock, par value $0.001 per share on September 30, 2024. Holders of record will receive the dividend on October 15, 2024. Dividends on the Series D Preferred Stock are payable quarterly in arrears to Series D Preferred Stockholders of the record, on or about the 15^th day of January, April, July and October, beginning on or about October 15, 2024.

About Monogram Technologies Inc.
Monogram Technologies (NASDAQ:MGRM) is an AI-driven robotics company focused on improving human health, with an initial focus on orthopedic surgery. The Company is developing a product solution architecture to enable patient-optimized orthopedic implants at scale by combining 3D printing, advanced machine vision, AI and next-generation robotics.

Monograms mBôs precision robotic surgical system is designed to autonomously execute optimized paths for high-precision insertion of its FDA-cleared mPress press-fit implants. The goal is well balanced better-fitting bone sparing knee replacements. The Company initially intends to produce and market robotic surgical equipment and related software, orthopedic implants, tissue ablation tools, navigation consumables, and other miscellaneous instrumentation necessary for reconstructive joint replacement procedures. Other clinical and commercial applications for the mBôs with mVision navigation are also being explored.

Monogram has obtained FDA clearance for mPress implants and applied for 510(k) clearance for its robotic products. The Company is required to obtain FDA clearance before it can market its products. Monogram cannot estimate the timing or assure the ability to obtain such clearances.

The Company believes that its mBôs precision robotic surgical assistants, which combine AI and novel navigation methods (mVision), will enable more personalized knee implants for patients, resulting in well balanced better-fitting knee replacements with bone sparing implants. Monogram anticipates that there may be other clinical and commercial applications for its navigated mBôs precision robot and mVision navigation.

To learn more, visit monogramtechnologies.com.

Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. For example, the Company's statement regarding the Company's proposed use of net proceeds is a forward-looking statement. Forward-looking statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company's other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Investor Relations
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
MGRM@mzgroup.us

Contact Information
Chris Tyson
Executive Vice President
mgrm@mzgroup.us
949-491-8235

SOURCE: Monogram Technologies Inc.

View the original press release on accesswire.com

FAQ

What is the dividend amount for Monogram Technologies (MGRM) Series D Preferred Stock?

Monogram Technologies (MGRM) has declared a dividend of $0.0255 per share for holders of its 8.00% Series D Convertible Cumulative Preferred Stock.

When will Monogram Technologies (MGRM) pay the announced dividend?

Monogram Technologies (MGRM) will pay the announced dividend on October 15, 2024, to shareholders of record as of October 1, 2024.

How often will Monogram Technologies (MGRM) pay dividends on its Series D Preferred Stock?

Monogram Technologies (MGRM) will pay dividends on its Series D Preferred Stock quarterly, on or about the 15th day of January, April, July, and October.

How will Monogram Technologies (MGRM) pay the dividend for Series D Preferred Stock?

Monogram Technologies (MGRM) will pay the dividend in kind, based on the closing price of its common stock on September 30, 2024.