SEATTLE, WA – Know Labs, Inc., a company specializing in non-invasive medical diagnostic technology, announced the results of its 2024 Annual Meeting of Shareholders held on September 26, 2024. The results of the meeting, which are based on Information from a recent SEC filing included the election of board members and the ratification of the company’s independent auditor.
As of July 30, 2024, Know Labs had a total of 86,777,171 shares eligible for voting, with proxies representing 56,964,556 shares delivered, constituting a 65.6% share of the total shareholders. The final proxy statement was filed with the SEC on August 5, 2024.
Shareholders elected seven candidates to the Board of Directors to serve until the 2025 Annual Meeting. The motion received 35,837,461 votes in favor, 352,777 withheld and 20,774,318 runners without votes.
Likewise, the appointment of BPM, LLP as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2024 was approved and ratified with 56,736,882 votes in favor, 191,296 against and 36,378 against.
The third proposal authorized the issuance of shares of common stock underlying convertible notes and warrants issued pursuant to a securities purchase agreement with Lind Global Fund II LP, in accordance with US Rule 713 of the NYSE. This proposal received 34,315,368 votes in favor, 1,580,024 against and 294,846. retained, with 21,774,318 runners without votes.
Finally, the remuneration of the company’s designated directors was approved on a non-binding basis, with 34,052,268 votes in favor, 1,434,125 against and 703,845 denied, accompanied by 20,774,318 no votes from the brokers.
The company, which trades under the symbol NYSE American:KNW, is headquartered at 619 Western Avenue, Suite 610, Seattle, Washington, and incorporated in Nevada. Know Labs, formerly known as Visualant Inc., has undergone several name changes since its initial incorporation as Starberrys Corp.
In other recent news, Know Labs, Inc. has reported several important developments. The company revealed a third-quarter net loss of $4.1 million for fiscal 2024, an improvement from a year ago and a decrease in research and development expenses. They also successfully raised $1.655 million in a funding round, planning to use the funds for various corporate purposes including product development and intellectual property.
Know Labs has undergone changes to its board of directors, with Timothy Londergan resigning and Ichiro Takesako filling the vacancy on the Audit Committee. The company is actively seeking a new member to join the board of directors.
In terms of products, Know Labs is moving forward with its non-invasive glucose monitor, KnowU, which is currently in clinical trials and awaiting FDA approval. Additionally, the company actively pursues intellectual property monetization and patent licensing, having identified more than 600 proprietary elements for its platform technology.
Despite reporting negative shareholders’ equity for the quarter, Know Labs has completed a capital raise and is taking steps to improve it. Boustead Securities, LLC and The Benchmark Company, LLC, the advisors on the recent transaction, have been granted a right of first refusal for future stock offerings by Know Labs.
InvestingPro Insights
As Know Labs, Inc. (NYSE American:KNW) navigates its corporate governance and strategic direction, recent data from InvestingPro provides additional context to the company’s financial position. The company’s market capitalization stands at $30.25 million, reflecting its current valuation in the medical diagnostic technology sector.
InvestingPro’s advice highlights some challenges facing Know Labs. The company is “rapidly burning through cash” and “suffering from weak gross profit margins,” which may explain the need for the issuance of recently approved convertible bonds and notes. Furthermore, the suggestion that “short-term obligations outweigh liquid assets” underscores the importance of the company’s financial management strategies.
The stock’s performance has been volatile, with a significant price drop of 42.34% in the last three months. This volatility aligns with InvestingPro’s advice that “stock price movements are quite volatile.” Despite these challenges, analysts have set a fair value target of $1.00 per share, substantially higher than the previous closing price of $0.29.
For investors looking for a more comprehensive analysis, InvestingPro offers 10 additional tips for Know Labs, which provide a deeper understanding of the company’s financial health and market position.
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