Biomerica Announces Filing of New Three Year Shelf Registration Statement

IRVINE, Calif., July 22, 2020 (GLOBE NEWSWIRE) -- Biomerica Inc. (NASDAQ: BMRA) today announced that it has filed a new three year shelf registration statement on Form S-3 with the United States Securities and Exchange Commission (“SEC”) to replace its previous three year shelf registration statement, which was declared effective by the SEC in July 2017.

Like many other public companies, Biomerica filed the three year shelf registration statement to provide the Company with flexibility to access the capital markets in the future if circumstances arise that would make the sale of securities advantageous to the Company and its stockholders. The Company has no immediate plans to offer or sell any securities under this shelf registration statement to the public.

In connection with this new shelf registration statement, the Company is also filing to register 571,429 shares of common stock on behalf of Palm Global Master Small Cap Master Fund LP (“Palm”). As previously announced in February 2020, the Company sold to Palm 571,429 shares of convertible preferred stock that are convertible into shares of the Company’s common stock. Pursuant to the terms of a registration rights agreement with Palm, the Company agreed in February 2020, to register for resale the shares of common stock into which the shares of preferred stock convert. To date, Palm has converted 250,000 shares of its preferred stock into common stock and still owns all of these shares.

The shelf registration statement has been filed with the SEC, but has not been declared effective. This press release is not an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer of securities covered by the registration statement may be made solely by means of the prospectus included in the registration statement and a related prospectus supplement containing specific information about the terms of any such offering.

About Biomerica (NASDAQ: BMRA)
Biomerica, Inc. (www.biomerica.com) is a global biomedical technology company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products used at the point-of-care (in home and in physicians' offices) and in hospital/clinical laboratories for detection and/or treatment of medical conditions and diseases. The Company's products are designed to enhance the health and well-being of people, while reducing total healthcare costs. Biomerica primarily focus is on Gastrointestinal and Inflammatory Diseases where the Company has multiple diagnostic and therapeutic products in development.