LogicMark Acquires Caretaker Medical for 1.5M Shares
Ticker: LGMK · Form: 8-K · Filed: Dec 6, 2024 · CIK: 1566826
| Field | Detail |
|---|---|
| Company | Logicmark, INC. (LGMK) |
| Form Type | 8-K |
| Filed Date | Dec 6, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.0001, $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, healthcare
TL;DR
LogicMark just bought Caretaker Medical with 1.5M shares to boost its remote patient monitoring game.
AI Summary
On December 4, 2024, LogicMark, Inc. announced the closing of its previously disclosed acquisition of all outstanding equity interests in Caretaker Medical, LLC. The acquisition was completed through a stock purchase agreement, with LogicMark issuing 1,500,000 shares of its common stock to the sellers of Caretaker Medical. This strategic move aims to expand LogicMark's product offerings and market reach in the remote patient monitoring sector.
Why It Matters
This acquisition signifies LogicMark's strategic expansion into the remote patient monitoring market, potentially enhancing its competitive position and revenue streams.
Risk Assessment
Risk Level: medium — The risk level is medium due to the integration of a new company and the potential impact of stock issuance on existing shareholders.
Key Numbers
- 1,500,000 — shares of common stock (Issued by LogicMark to acquire Caretaker Medical)
Key Players & Entities
- LogicMark, Inc. (company) — Acquiring company
- Caretaker Medical, LLC (company) — Acquired company
- 1,500,000 (dollar_amount) — Shares issued for acquisition
- December 4, 2024 (date) — Closing date of acquisition
FAQ
What was the effective date of the acquisition?
The acquisition was effective as of December 4, 2024.
How did LogicMark finance the acquisition of Caretaker Medical?
LogicMark financed the acquisition by issuing 1,500,000 shares of its common stock to the sellers of Caretaker Medical.
What is the primary business of Caretaker Medical?
Caretaker Medical is involved in the remote patient monitoring sector.
What is LogicMark's stated goal with this acquisition?
LogicMark aims to expand its product offerings and market reach in the remote patient monitoring sector.
Was this acquisition previously disclosed?
Yes, the acquisition was completed pursuant to a previously disclosed stock purchase agreement.
Filing Stats: 508 words · 2 min read · ~2 pages · Grade level 12.2 · Accepted 2024-12-06 16:05:08
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share LGMK The Nasdaq Stock Mar
- $1.00 — the Company's common stock had been at $1.00 per share or greater, therefore the Com
Filing Documents
- ea0223882-8k_logic.htm (8-K) — 22KB
- 0001213900-24-106472.txt ( ) — 189KB
- lgmk-20241204.xsd (EX-101.SCH) — 3KB
- lgmk-20241204_lab.xml (EX-101.LAB) — 33KB
- lgmk-20241204_pre.xml (EX-101.PRE) — 22KB
- ea0223882-8k_logic_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. As previously disclosed, on May 8, 2024, the Listing Qualifications Department (the "Staff") of The Nasdaq Stock Market LLC ("Nasdaq") notified LogicMark, Inc. (the "Company") that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement"), and that the Company had 180 calendar days, or until November 4, 2024, to regain compliance with the Minimum Bid Price Requirement. Also as previously disclosed, on November 8, 2024, the Staff granted an additional 180 calendar days, or until May 5, 2025, for the Company to regain compliance with the Minimum Bid Price Requirement. On December 4, 2024, the Company received a letter from the Staff providing that for the last 10 consecutive business days, from November 19, 2024 to December 3, 2024, the closing bid price of the Company's common stock had been at $1.00 per share or greater, therefore the Company had regained compliance with the Minimum Bid Price Requirement, and that this matter is now closed. 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: December 6, 2024 LogicMark, Inc. By: /s/ Mark Archer Name: Mark Archer Title: Chief Financial Officer 2