Zomedica Corp. (NYSE American: ZOM) stock was up trending higher than 12.8% to $1.1000 in the early morning trading session as it released the letter from Robert Cohen, Chief Executive Officer, to brief the shareholders of Zomedica on a range of critical operations and events:
Here are the key highlights from the CEO letter
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- I hope you’ve had a fun holiday season and wish you all the best in the new year. We at Zomedica are delighted as we reach 2021, preparing for a year of positive activities.
- As a result of the recent rise in our common stock price over the last few weeks, holders have been exercising their outstanding options, which resulted in Zomedica earning more than $40 million in additional cash on January 15, 2021.
- This extra cash injection further strengthens our still solid balance sheet. Our cash and cash equivalents are currently more than $90 million, net of all capital and fourth-quarter operating expenses. At least in the calendar year 2023, we consider this amount to be sufficient to support operations. Our goal at this stage is to be optimistic in cash flow.
- The NYSE American notified Zomedica on January 12, 2021, that it has regained compliance with the NYSE American’s continued listing requirements.
- As disclosed in the Company’s latest proxy, it received a letter from the NYSE American on April 10, 2020, stating that it was in breach of the NYSE American’s continued listing standards because of low trading prices.
- Further, the Company will be taken off of the list of NYSE American noncompliant issuers on the Exchange’s website
- Zomedica management has also instituted a revised bonus plan, which is essential to shareholders. In the past, the bonus achievement level for all bonus eligible employees other than the CEO was calculated every quarter based upon individual milestones.
- The TRUFORMA instrument will gradually be introduced into the market along with at least three assays in a limited geographic region; as part of our sales effort, the Company intends to test our distribution system to ensure it works as we anticipate in these COVID-challenged times.
- As the Company builds up its installed base for TRUFORMA in 2021, each of these instruments will provide a razor-sharp opportunity for selling more assays in the future.