$BIMI news sounds like offering no!!!
NEW YORK , June 10, 2022 (GLOBE NEWSWIRE) -- BIMI International Medical Inc.(NASDAQ: BIMI) (BIMI or the Company), a healthcare products and services provider, todayannounced that on June 9, 2022 , the Company entered into a Stock Purchase Agreement with Mr. Fnu Oudom , the Chairman of the Board of the Company, for the sale of 12,500,000 shares of common stock of the Company for $5 million , subject to stockholder approval.
On June 9, 2022 , the Company entered into a Stock Purchase Agreement (the SPA) with the Chairman of the Board of the Company, Mr. Fnu Oudom , whereby Mr. Oudom agreed to purchase 12,500,000 shares of common stock of the Company (the Common Stock) for $5 million , or $0.40 per share (the Chairmans Shares), subject to stockholder approval. The purchase price per share reflects a 9% discount on the five-day average closing price of the Common Stock on NASDAQ before signing the SPA. On June 9, 2022 , Mr. Oudom provided the Company with $5 million as interim financing in consideration for the issuance of a $5 million subordinated promissory note (the Chairmans Note), bearing no interest, which will become due and payable immediately if the sale of the Chairmans Shares is not approved by the Companys stockholders. The Company expects to seek stockholder approval of the sale at the upcoming annual meeting of stockholders. If approved and the Chairmans Shares are issued, all obligations under the Chairmans Note will have been performed and discharged in full without any payment of interest. The Company has no obligation to file a registration statement with the SEC for the resale of the Chairmans Shares.
On June 9, 2022 , the Company entered into a waiver and consent agreement (the Waiver Agreement) with two institutional investors (each a Holder and collectively the Holders) with respect to the Companys obligations under the Securities Purchase Agreement dated November 18, 2021 (the 2021 SPA) by and among the Company and the Holders. Pursuant to the Waiver Agreement, the Holders waived certain the Companys obligations under the 2021 SPA with respect to additional issuances of securities (applicable to the Chairmans Shares) and the issuance of additional debt (applicable to the Chairmans Note) and the Holders right with respect to participation rights (applicable to the Chairmans Shares). In consideration for the Holders providing the waivers, the Company agreed that it will use $500,000 of the proceeds to pay down portions of each Holders promissory note (an aggregate of $1,000,000 for both Holders), half of which amount will be paid upon the issuance of the Chairmans Note and the remainder will be paid if stockholder approval is obtained.
About BIMI International Medical Inc. BIMI International Medical Inc. was founded in 2006. The Company is now exclusively a healthcare products and services provider, offering a broad range of healthcare products and related services and operates five private hospitals in China . For more information, please visitwww.usbimi.com.
