Breaking News: Know Labs, Inc. Announces Results of 2024 Annual Stockholder Meeting
In a recent SEC filing, Know Labs, Inc. shared the outcomes of its 2024 Annual Meeting of Stockholders held on September 26, 2024. Key highlights include the election of board members and the ratification of the company’s independent auditor.
With a total of 86,777,171 shares eligible to vote, a 65.6% turnout was achieved, with 56,964,556 shares represented by proxies. The shareholders elected seven nominees to the Board of Directors, approved the appointment of BPM, LLP as the independent auditor, and authorized the issuance of shares of common stock underlying convertible notes and warrants.
Know Labs, Inc., trading under NYSE American:KNW, has reported a Q3 net loss of $4.1 million for fiscal year 2024, improved from the previous year, along with successful fundraising of $1.655 million for corporate purposes. The company is actively working on its non-invasive glucose monitor, KnowU, and patent licensing for its platform technology.
Despite facing challenges such as negative shareholder equity, Know Labs has completed a capital raise with the help of advisors Boustead Securities, LLC and The Benchmark Company, LLC. The company's market capitalization stands at $30.25 million, reflecting its current valuation in the medical diagnostics technology sector.
InvestingPro Insights reveal that Know Labs is facing cash burn and weak gross profit margins, leading to the issuance of convertible notes and warrants. Analysts have set a fair value target of $1.00 per share, higher than the previous closing price of $0.29, despite a 42.34% price decline over the last three months.
For a more in-depth analysis, InvestingPro offers 10 additional tips for investors to understand Know Labs' financial health and market position. Keep an eye on this company as it navigates its corporate governance and strategic direction in the ever-changing financial landscape.
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