Nemaura Medical (NASDAQ: NMRD), a developer of a daily-wear, noninvasive glucose sensor and digital healthcare programs, is reporting on decisions that will impact its listing status on the NASDAQ Capital Market; the company also released key information regarding its broader strategic direction. According to the announcement, the company’s management team and medical board of directors has carefully evaluated NASDAQ’s action to delist Nemaura Medical and will accept that decision and move to the OTC markets. The company noted that several factors were considered in reaching this decision, including challenges outside of the company’s control that have led to a significant attrition of company share price. The announcement also noted that Nemaura is actively pursuing strategic partnerships critical to driving Nemaura Medical’s growth and creating shareholder value. The company noted that it will provide regular updates on any progress, strategic partnerships and material developments impacting shareholders and will continue to file reports with the U.S. Securities & Exchange Commission.
“Maintaining our NASDAQ listing would necessitate a substantial dilution of approximately 90%, a move we believe would not serve the best interests of our valued shareholders,” said the company in the announcement. “The transition to the OTC markets will provide operational flexibility, reduced compliance costs and the ability to focus on long-term growth without the immediate pressures associated with maintaining a NASDAQ listing. We understand that this decision may raise questions and concerns. We want to assure shareholders that we remain committed to open and transparent communication. We value shareholder trust and support and are dedicated to keeping shareholders informed throughout this transition.”
To view the full press release, visit https://ibn.fm/Ckpp0
About Nemaura Medical Inc.
Nemaura Medical is a medical technology company developing wearable diagnostic devices. The company is currently commercializing sugarBEAT(R) and proBEAT(TM). sugarBEAT, a CE mark-approved class IIb medical device, is a noninvasive and flexible continuous glucose monitor (“CGM”) that provides actionable insights derived from real-time glucose measurements and daily glucose trend data, which may help people with diabetes and prediabetes to better manage, reverse and prevent the onset of diabetes. Nemaura Medical has submitted a proposal for a Modular Premarket Approval Application for sugarBEAT to the U.S. FDA, for its generation II, 24-hour sensor. proBEAT is a nonregulated version of sugarBEAT that combines noninvasive glucose data processed using artificial intelligence and a digital healthcare subscription service as a general wellness product as part of its BEAT(R) diabetes program. Additionally, Nemaura Medical launched a beta trial of Miboko, a metabolic health and well-being program using a noninvasive glucose sensor along with an artificial intelligence (“AI”) mobile application that helps users understand how certain foods and lifestyle habits can impact overall metabolic health and well-being. Nemaura Medical believes that up to one-half of the population could benefit from a sensor and program that monitors metabolic health and well-being. Nemaura sits at the intersection of the global type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50-plus billion prediabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023. For more information about the company, visit www.NemauraMedical.com.
NOTE TO INVESTORS: The latest news and updates relating to NMRD are available in the company’s newsroom at https://ibn.fm/NMRD
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