In a challenging market environment, Know Labs Inc. (KNW) stock has touched a new 52-week low, reaching a price level of $0.18. With a market capitalization of just $21.8 million, this latest dip reflects a significant downturn for the company, with the stock experiencing a precipitous 1-year decline of nearly 76%. According to InvestingPro analysis, the company's financial health score is rated as WEAK, with concerning metrics across multiple dimensions. Investors have been closely monitoring Know Labs, a company known for its innovative approach to non-invasive medical diagnostics, as it navigates through a period of volatility and market pressures. The company's EBITDA stands at -$15.1 million, and InvestingPro data reveals the company is quickly burning through cash with short-term obligations exceeding liquid assets. The 52-week low serves as a critical indicator of the stock's recent performance, marking the lowest price point it has seen within the last year and raising questions about the company's near-term prospects. For deeper insights into KNW's valuation and financial health, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, Know Labs, Inc. has reported significant developments. The company announced a registered direct offering priced at $0.24 per unit, expecting to raise gross proceeds of $300,000. The company also revealed a Q3 net loss of $4.1 million for fiscal year 2024, an improvement from the previous year. In a recent financing round, Know Labs raised $1.655 million, with Boustead Securities, LLC and The Benchmark Company, LLC serving as advisors.
Know Labs has also seen changes in its leadership, appointing John Cronin as Interim Chief Technology Officer and Dominic Klyve, Ph.D., as Chief Science Officer. The company's stockholders approved an increase in authorized shares of common stock from 200 million to 300 million and amended the 2021 Equity Incentive Plan, expanding the number of shares available for issuance to 40 million.
Additionally, Know Labs extended the maturity date of its debt from September 30, 2024, to September 30, 2025, and increased the interest rate on these notes from 6% to 8%. The company is working on its non-invasive glucose monitor, KnowU, which is currently in clinical trials and awaiting FDA clearance. These are recent developments, reflecting Know Labs' ongoing efforts to manage its financial challenges while working towards enhancing shareholder value and corporate visibility.
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