Business
Zomedica CEO Issues Shareholder Letter as TRUFORMA™ Nears Commercialization
Zomedica CEO Issues Shareholder Letter as TRUFORMA™ Nears Commercialization.
About this update from Zomedica Corp.
[{"type":"text","content":"\n ANN ARBOR, Mich., Jan. 18, 2021 (GLOBE NEWSWIRE) -- Zomedica Corp. (NYSE American: ZOM) (“Zomedica” or the “Company”), a veterinary health company creating point-of-care diagnostics products for dogs and cats, today issued the following letter from Robert Cohen, Chief Executive Officer, updating Zomedica’s shareholders regarding several key activities and events: Dear Shareholders: I am hopeful that you had a pleasant holiday season and wish you the best during the new year. We at Zomedica are excited as we enter 2021 ready for a year of positive events. As a result of the recent increase in the price of our common shares over the last several weeks, investors have been exercising their outstanding warrants, which has resulted in Zomedica receiving more than $40 million of additional cash though January 15, 2021. This additional infusion of cash further enhances our already very healthy balance sheet. Our cash and cash equivalents now are in excess of $90 million, net of all capital and operating expenditures from the fourth quarter. We expect that this amount will be sufficient to fund operations at least through calendar year 2023. Our goal is to be cash-flow positive at that point. On January 12, 2021, the NYSE American LLC (“NYSE American”) notified Zomedica that it successfully has regained compliance with the NYSE American’s continued listing standards related to price per share set forth in Section 1003(f)(v) of the NYSE American Company Guide (the “Company Guide”).  As previously disclosed, on April 10, 2020 the Company received a letter from the NYSE American stating that it was not in compliance with the continued listing standards set forth in Section 1003(f)(v) of the Company Guide as a result of the then-existing low trading price of the Company’s common shares. The NYSE American has informed the Company that it now is in compliance with the NYSE American’s continued listing standards set forth in Part 10 of the Company Guide and that the “.BC”  indicator no longer will be disseminated beginning at the opening of trading on January 13, 2021. In addition, the Company will be removed from the list of NYSE American noncompliant issuers on the Exchange’s website. Also of importance to shareholders is the revi...