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      BIMI International Medical Inc. (BIMI) Finally become Bullish. Here’s Why? - Stocks Telegraph

      By Gule Rukhsar

      Published on

      November 26, 2021

      4:50 AM UTC

      BIMI International Medical Inc. (BIMI) Finally become Bullish. Here’s Why? - Stocks Telegraph

      BIMI International Medical Inc. (BIMI) gained a good 38.53% in the after-market, at $0.9729 from its last close at $0.7023 on November 24. The stock finally seems to be recovering from its fall due to profit booking and its private placement of convertible notes. Intraday trading on November 24, BIMI fluctuated between $0.7010 and $0.7580 at a volume of 9.48 million. While in the 52-week range, the stock saw a high of $2.810 and a low of $0.530 at an average volume of 8.22 million. In the previous five days, the stock lost up to 28.70% and 25.29% in the past month. Moreover, BIMI has lost a value of 57.95% year to date. The stock has a market capital of $25.68 million currently. While it has 36.57 million outstanding shares.

      Founded in 2000, BIMI International Medical Inc. (BIMI) engages in the provision of healthcare products like medical devices, pharmaceuticals, and the likes.

      Recent Developments

      On November 15, the company announced its third-quarter financial results, which impressed the investors greatly. The announcement led the stock to go up from its November 15th high of $0.66 to $1.18 the next day. This gain brought good news and opportunity for profit bookers, as the stock began to fall slowly. But the slow fall of the stock was fueled by the company’s announcement of the private placement on November 18. BIMI stock had since been in a downtrend, which finally seems to have ended, as the stock gained a good 38.5% in the aftermarket on November 24.

      BIMI’s Q3 Earnings

      According to the results of November 15, BIMI had revenues of $13,777,494 in the third quarter of 2021. This shows an increase of 345.7% from $3,091,071 of the third quarter of 2020.

      Moreover, the gross profit of the third quarter of 2021, was $2,029,109, against $257,278 in Q3 of 2020. The gross profit shows a huge increase of 688.7% year-over-year.

      Further, the net loss for the Q3 of 2021, was $1,709,876, against $1,860,573 in the third quarter of 2020. Consequently, the net loss per basic and diluted share was $0.06 in Q3 2021, against $0.19 in Q3 2020.

      BIMI’s Private Placement

      On November 18, BIMI International Medical Inc. (BIMI) announced the pricing of $7.8 million private placement. BIMI entered a securities purchase agreement (SPA) with two institutional investors for selling some senior secured convertible notes of the company. According to the SPA, the investors would receive the convertible notes along with 4-year warrants for acquiring 1,800,000 common shares of the company. The exercise price of the shares of the common stock of the company as per the SPA is $0.71.

      Further, the expected close date of the offering is on or about November 25, 2021. While the company hopes to use the net proceeds of the offering for general and corporate working.

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