Biotricity, Inc. announced a financing transaction
March 25, 2024
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Biotricity, Inc. announced that it has entered into security purchase agreement with an institutional investor to issue Series B Convertible Preferred Stock at an issue price of $9,090.91 per share on March 25, 2024.
On the same date, the company announced that it has issued 110 shares of Series B Convertible Preferred Stock at an issue price of $9,090.91 per share for the gross proceeds of $1,000,000.1 in the first tranche. Pursuant to the Purchase Agreement, the Company has also agreed to seek the approval of the Company?s stockholders that may be required upon conversion of the Series B Preferred Stock (the ?Stockholder Approval?), if required by the applicable rules and regulations of Nasdaq Capital Market. The Company has agreed to hold an annual or special meeting of stockholders for the purpose of obtaining Stockholder Approval as soon as practicable, but in no event later than 75 days following the date on which two conversions of Series B Preferred Stock by the Investor would require approval of the Company?s stockholder, and to hold a meeting every three months thereafter for the purpose of obtaining Stockholder Approval if the proposal is not approved at the first meeting until Stockholder Approval is obtained. The Series B Preferred Stock will automatically convert to common stock upon the 24-month anniversary of the Initial Issuance Date of the Series B Preferred Stock. The sale of the securities will not involve a public offering and will be made without general solicitation or general advertising. The Investor represented that it is an accredited investor, as such term is defined in Rule 501(a) of Regulation D under the Securities Act, and that they are acquiring the securities for investment purposes only and not with a view to any resale, distribution or other disposition of the securities in violation of the U.S. federal securities laws.
Biotricity Inc. is a medical technology company focused on biometric data monitoring and diagnostic solutions. The Company developed its Bioflux technology, comprised of a monitoring device and software components. The Bioflux device is comprised of a wet electrode worn on a belt clip around the waist. The Bioflux ECG reporting software enables doctors and labs to view a patientâs electrocardiogram (ECG) data for monitoring and diagnostic purposes. Its Bioflux platform has a built-in cellular chipset and a real-time embedded operating system, which allows for its technology to be utilized as an Internet of Things (IoT) platform. It has developed several technologies, including Biotres, Bioheart, and Biocare. Biotres is an ECG Holter solution that addresses the limitations of existing solutions in the Holter market. Bioheart is a personal cardiac monitoring solution for consumers. Biocare is a cardiac disease management platform for chronic care management and remote patient monitoring.