Shares of IR-Med, Inc (OTCMKTS:IRME) have been under selling pressure over the past months and down 28% in 3-month.
Market Reaction
On Friday, IRME stock ended flat at $2.15 with 45 shares, compared to its average volume of 61 shares. The stock has moved within a range of $2.1500 – 2.1500 after opening trade at $2.
IR-Med to Become Fully Reporting SEC Company
IR-Med, Inc (OTCMKTS:IRME), that is a development stage medical device organization involving in addressing currently unmet medical needs using Infra-Red (IR) light spectroscopy analysis and Artificial Intelligence (AI) technologies, announced on November 12, 2021 that IR-Med’s resale Registration Statement on Form S-1 (the “Registration Statement”) effective on November 9, 2021, has been declared by the United States Securities and Exchange Commission (SEC).
IR-Med became an SEC reporting company upon effectiveness of the Registration Statement. Under the Registration Statement, no securities are being sold. In fact, it relates to the potential resale, from time to time, of securities of IR-Med by certain of its security holders. The company is not to receive proceeds from any sale of securities by the selling security holders pursuant to the Registration Statement. It includes approximately 38 million shares, of which approximately 9 million represent shares of common stock issuable upon exercise at $0.64 per share.
CEO Rom Eliaz, states the effectiveness of the S-1 resale registration statement is indeed a turning point in the company’s development. Not only have they fulfilled a commitment to their shareholders, but also steered the company on a path that offers better access to capital markets. It will help them focus on development and business goals in future.
Key Quote
Rom Eliaz, CEO, states, “The effectiveness of the S-1 resale registration statement is a milestone in our development. We have now fulfilled a commitment we made to our shareholders and put ourselves firmly on the path towards greater access to capital markets. We believe this is the first step that should allow us to fulfill our developmental and business objectives going forward.”
