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BIMI tumbles 16% after 1-for-10 reverse split and sale of promissory note

  • BIMI International Medical (NASDAQ:BIMI) announced a 1-for-10 reverse split, effective December 9, 2022.
  • The company also announced the sale of a $2M promissory not to the chairman of the Board of the company, Mr. Fnu Oudom on December 6, 2022.
  • Note carries an annual interest rate of 6%, which is payable together with the principal amount one year after the date of issuance.
  • The conversion price of $0.40 reflects a 60% premium on the date of issuance of the note.( The closing price on NASDAQ on such date was $0.25.)
  • Stock slashes 16% after market close.