A U.S.-based medical device company recently completed its successful uplisting to the New York Stock Exchange (NYSE) American exchange. Know Labs Inc. (NYSEAMERICAN: KNW) raised over $8 million from its public offering of common stock.
Know Labs announced listing approval to NYSE American in mid-September as an exciting opportunity to join the exchange for growing companies and closed its public offering within four days. It increased the public offering of stock by 15% from the original filing as part of its over-allotment option. Though it initially announced trading a public offering of 3.6 million at $2 a share, it ended up trading 4.14 million.
This increase means Know Labs closed with over $1 million more than anticipated — raising $8.28 million before underwriting discounts, commissions and other expenses. This high trading activity is not unfamiliar to Know Labs. The company’s recent high trading volume saw it added to the OTCQB Venture Market’s Top 10 Most Active list.
Bringing Its Cutting-Edge Tech To Emerging Companies Exchange
Know Labs was uplisted to the NYSE American under the symbol KNW, changing from its previous symbol KNWN as it will no longer be traded on the over-the-counter (OTC) market. As an emerging company looking for cutting-edge medical tech solutions, Know Labs will use the money raised from the stock sales for further research and development as well as sales and marketing, working capital, capital investments and various administrative expenses.
Know Labs is committed to making a difference in the lives of millions of people around the world by developing convenient affordable non-invasive medical diagnostics solutions. Know Labs has been focused on the research and development of proprietary spectroscopic technologies using the electromagnetic spectrum to accurately identify and measure a wide range of organic and inorganic materials, molecules, and compositions of matter.he company refers to it as Bio-RFID™ (body radio frequency identification).
Know Labs has been working on applying Bio-RFID to monitor blood glucose levels, a fast-growing multi-billion market. The Company claims to have 89 patents granted, pending or in-filling process, which could position it as the top worldwide IP holder in non-invasive blood glucose monitoring.Other companies innovating with technology for diabetic patients include Novo Nordisk A/S (NYSE: NVO) and Movano Inc. (NASDAQ: MOVE).
Know Labs also claims Bio-RFID has more than 100 uses beyond glucose monitoring. These include the identification of blood levels of oxygen, alcohol and metabolized drugs. Its versatile technology platform can be integrated into various wearable, mobile or bench-top form factors, meaning the company may produce low-cost, noninvasive diagnostic technologies with a broad spectrum of applications and uses across industries.
To learn more about Know Labs, visit its website.
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