Business
My Size Provides Business Update for the First Quarter of 2020
Regains Compliance with Nasdaq Stockholders' Equity Rule AIRPORT CITY, Israel, May 15, 2020 /PRNewswire/ -- My Size, Inc. (the "Company" or "My Size")
About this update from My Size, Inc.
[{"type":"text","content":"Regains Compliance with Nasdaq Stockholders' Equity Rule\n\n\nAIRPORT CITY, Israel, May 15, 2020 /PRNewswire/ -- My Size, Inc. (the \"Company\" or \"My Size\") (NASDAQ: MYSZ) (TASE: MYSZ), the developer and creator of smartphone measurement solutions, today provided a business update for the first quarter ended March 31, 2020. A copy of the Company's quarterly report on Form 10-Q for the first quarter ended March 31, 2020 has been filed with the Securities and Exchange Commission and posted on the Company's website at https://ir.mysizeid.com.\nRecent Highlights\nRegained compliance with Nasdaq's stockholders' equity rule Raised approximately $5.0 million in gross proceeds in public offering Increased demand for MySizeID due to COVID-19 pandemic Developed contactless solution for MySizeID app, allows customers to purchase clothing through the app Released OneClick⢠feature for BoxSize- allows the user to easily and quickly measure a package in a single motion Signed non-binding LOI to establish a Joint Venture with Logystico to operate and manage micro-fulfilment centers using My Size's BoxSize enhanced platform for retail vendors in the United StatesRonen Luzon, CEO of My Size, Inc., stated, \"We are pleased to report that on May 12, we received written notification from Nasdaq indicating that we regained compliance with the stockholders' equity rule for continued listing on the Nasdaq Capital Market. We also recently raised approximately $5.0 million which gives us a solid runway to execute on our business. We remain committed to providing support for our customers and partners during the COVID-19 pandemic. Retailers around the world are feeling the impact of the virus on their business and many are looking to adopt new technologies or digital solutions in order to improve their consumers' shopping experience as well as their bottom line. Due to the current COVID-19 pandemic some of our in-person sales and marketing efforts have been curtailed. However, we are active by phone, virtual presentations, and other means, while at the same time are seeing an increase in in-bound interest in MySizeID, a smart measurement solution based on shoppers' personal body measurements from retailers worldwide that are looking for a turnkey solution that helps consumers choose their appropriate size and fit while shopping online as well as impro...