MINNEAPOLIS – OneMedNet Corporation (NASDAQ:ONMD), a $37.22M market cap provider of clinical imaging and real-time data solutions, announced its return to comply with Nasdaq’s Listing Rule 5250(c)(1) after filing its financial report data for the first three quarters of 2024. The company’s stock has shown strong momentum, gaining over 35% over the past six months. The Nasdaq Listing Qualifications Department has confirmed the company’s compliance with the requirements following deferred filings.
The company’s CEO, Aaron Green, expressed satisfaction with the completion of the financial announcements, stating that OneMedNet can now concentrate on expanding its business. The compliance update follows a series of strategic moves by the company, including the interim appointment of Bob Golden as CFO, the hiring of a new director of business development and vice president of marketing, and the addition of three directors to its board. According to InvestingProthe company has 12 additional key insights available to subscribers, including key management action information and valuation metrics.
OneMedNet also improved its financial position by securing $6.4 million in private placements and adopting a treasury strategy. Although the company maintains an overall “GOOD” financial health rating according to InvestingProits current ratio of 0.23 and gross profit margin of -26.3% indicate some financial challenges. These developments aim to strengthen the company’s market presence, particularly in the Real World Data (RWD) sector, where OneMedNet has established a network of over 1,400 healthcare providers.
The company’s proprietary iRWD platform manages a variety of clinical data, including medical images, and supports research for the development of drugs and medical devices. OneMedNet’s recent deal with Bayer’s ( OTC: ) AI Innovation Platform, announced earlier in December, is part of its efforts to expand its commercial footprint.
Although the press release contains forward-looking statements regarding the company’s future performance and strategy, they are based on current expectations and are subject to change. The information for this article is based on a press release.
In other recent news, OneMedNet Corporation announced a partnership with Bayer’s AI Innovation Platform to develop software for AI-driven medical imaging. This collaboration combines OneMedNet’s extensive provider network with Bayer’s AI platform to create a comprehensive environment for the development of AI applications in healthcare.
Furthermore, Nasdaq notified OneMedNet of possible delisting due to non-compliance with several listing requirements, including late filings and a decline in the market value of listed securities and net income from continuing operations. In response, the company is working diligently to re-establish compliance and has been granted an extension of time to submit overdue reports.
The company also announced a restatement of its financial statements for the year ended December 31, 2023 due to accounting inaccuracies, following the appointment of a new auditor, WithumSmith+Brown, PC.
In addition, OneMedNet is facing the threat of delisting from the Nasdaq stock exchange due to its lack of a minimum bid price and has been given a 180-day period to correct this issue. Despite these challenges, OneMedNet has secured approximately $1.7 million in follow-on private placement financing with an affiliate of Off the Chain Capital. The funds are intended for working capital and general corporate purposes, part of which is allocated for the purchase of Bitcoin.
Finally, OneMedNet underwent a significant leadership transition with the appointment of Bob Golden as Chief Financial Officer, bringing more than four decades of financial management experience to the role. These are recent developments in OneMedNet’s business.
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