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BOQI International Medical Inc. (BIMI) stock rises during pre-market trading. Why is it so?

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BOQI International Medical Inc. (BIMI) stock soared by 4.82% in the last trading close while the BIMI stock price continued to rise by 4.60% in the pre-market trading session. As of now, any recent news does not follow the rise in BIMI stock. BOQI International Medical is dedicated towards health industry with its special focus on providing healthcare products and related services.

Recent Past Developments

Memorandum of Understanding

  • BIMI announced that on March 24, 2021, BOQI International Medical signed a Memorandum of Understanding with two independent sellers with the goal of attaining three hospitals: Yunnan Yuxi Minkang Hospital, Wuzhou Qiangsheng Hospital, and Suzhou Eurasia Hospital. All three companies’ shares are owned entirely by the Sellers.

BOQI International Medical Inc. and the Sellers have reached a tentative agreement on mergers and acquisitions in accordance with the MOU. They have decided to sign a Stock Purchase Agreement after fulfilling the requisite hospital tests and evaluations. BOQI International Medical would pay the consideration in cash or BIMI common stock at a price of $3.00 per share after signing the Agreement. Also the sellers have agreed to give BIMI $75,000 as a deposit in three days right after signing the MOU.

Signed a New Offering

  • On March 1, 2021 BOQI International Medical announced that they have finalized a private placement of $5,400,000 of its senior convertible notes to two institutional investors. The private placement was closed on February 26, 2021. BIMI and the Investors decided to lift the maximum amount of Convertible Notes that can be bought under the Securities Purchase Agreement from $2,100,000 to $5,400,000 at a 16.67 percent original issue discount ($4,500,000 net).

BIMI will also give warrants to the Investors to buy an additional 720,000 shares of BIMI’s common stock at a price of $2.845 per share. The conversion of $3.3 million in newly issued Convertible Notes and the exercise of newly issued Warrants are also open to stockholder and regulatory approvals, as well as a beneficial ownership restriction. BOQI International Medical is planning to utilize the net amount generated through this offering for general corporate and working capital purposes. And lastly FT Global Capital is working as the exclusive placement agent for the offering.

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