Business
OneMedNet Provides Updates on Auditor Change and Announces Related Receipt of Nasdaq Notice Regarding Delayed Form 10-Q
- Regains compliance with Nasdaq minimum closing bid price rule - - Secures financing from institutional investor to support aggressive growth plans -
About this update from Onemednet Corp
[{"type":"text","content":"- Regains compliance with Nasdaq minimum closing bid price rule - - Secures financing from institutional investor to support aggressive growth plans - MINNEAPOLIS, June 24, 2024 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) (“OneMedNet” or the “Company”), the leading curator of regulatory-grade Real World Data (\"RWD\"), inclusive of electronic health records, laboratory results and, uniquely, medical imaging, today provided a number of corporate updates. “Over the past few weeks, we have been successfully navigating through several interconnected corporate challenges, that were set in motion when our former auditors, BF Borgers, were banned from appearing or practicing before the SEC,” said Aaron Green, OneMedNet’s President and CEO. “I am happy to provide this interim report on our progress to date, and look forward to keeping investors updated as we continue to move forward with our new auditors and new financing to support our aggressive growth plans.” Terminates Borgers and Appoints New Auditor, WithumSmith+Brown As previously disclosed via a Form 8-K filed by the Company with the Securities and Exchange Commission (“SEC”) on May 10, 2024, on May 6, 2024, the Company dismissed BF Borgers CPA PC (“BF Borgers”) as its independent registered public accounting firm. On May 3, 2024, the SEC announced that it had settled charges against Borgers that it failed to conduct audits of a number of public companies in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB). As part of the settlement, BF Borgers agreed to a permanent ban on appearing or practicing before the SEC. On June 3, 2024, the Company appointed WithumSmith+Brown, PC as its new independent registered public accounting firm to audit and review the Company’s financial statements. Regains Compliance with Nasdaq Listing Rule 5550(a)(2) As previously disclosed on Form 8-K filed with the SEC on June 14, 2024, the Company received on June 10, 2024 written notice from The Nasdaq Stock Market LLC (\"Nasdaq\") that the Company has regained compliance with Listing Rule 5550(a)(2), which requires its common stock to maintain a minimum bid price of $1.00 per share. The Nasdaq staff made this determination of compliance after the closing bid price of the Company's common stock was at $1.00 per share or greater for the prior 10 consecutiv...