Catheter Precision, Inc. (NYSE American:VTAK), currently valued at $3.55 million in market capitalization, recently held a Special Meeting of stockholders, resulting in significant approvals that will shape the company's financial structure. On January 13, 2025, stockholders voted in favor of increasing the authorized common stock and approving the exercise of Series K Common Stock Purchase Warrants, among other proposals. According to InvestingPro analysis, the company currently trades below its Fair Value.
Approximately 52.3% of the outstanding shares were represented at the meeting, where stockholders approved the issuance of up to 10,695,962 shares upon the exercise of Series K Warrants. Additionally, an amendment to the Certificate of Incorporation was passed, doubling the number of authorized shares from 30 million to 60 million.
The company's financial health metrics from InvestingPro indicate a current ratio of 0.66, suggesting potential liquidity challenges.Want deeper insights? InvestingPro subscribers have access to over 10 additional key financial indicators and exclusive ProTips about VTAK's performance.
Furthermore, stockholders agreed to an additional 1.5 million shares for issuance under the 2023 Equity Incentive Plan. With the company's rapid cash burn rate and short-term obligations exceeding liquid assets, this equity incentive plan approval comes at a crucial time. The appointment of WithumSmith+Brown, PC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2025, was also ratified.
In other recent news, Catheter Precision, Inc. has undergone significant changes in its financial and leadership structure. The medical device company recently announced the appointment of Philip Anderson as its new Chief Financial Officer. Anderson, who brings a wealth of experience from previous CFO roles, replaces interim CFO Margrit Thomassen, who will continue with the company as Controller.
Catheter Precision also reported an EBITDA of -$8.69 million in the last twelve months, according to InvestingPro data. Despite facing financial challenges, the company maintains impressive gross profit margins of over 90%.
The company has also revised the terms of its outstanding short-term promissory notes, extending the maturity date and increasing the interest rate. In addition, Catheter Precision has restructured its stock, converting its Series A Convertible Preferred Stock into common stock, and announced a reverse stock split of its common stock.
In a significant move, Catheter Precision entered into a waiver agreement with the Jenkins Family Charitable Institute, allowing the institute to exceed previously set ownership limits and acquire additional shares of Catheter Precision common stock.
Lastly, the company ratified the appointment of WithumSmith+Brown, PC as its independent registered public accounting firm, and re-elected directors James Caruso and Andrew Arno for three-year terms.
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