Know Labs ratifies auditor and board elections By Investing.com

SEATTLE, WA – Know Labs, Inc., a company specializing in non-invasive medical diagnostics technology, announced the results of its 2024 Annual Meeting of Stockholders held on September 26, 2024. The meeting’s outcomes, which are based on the information from a recent SEC filing, included the election of board members and the ratification of the company’s independent auditor.

As of July 30, 2024, Know Labs had a total of 86,777,171 shares eligible to vote, with proxies representing 56,964,556 shares delivered, constituting a 65.6% turnout of total shareholders. The definitive proxy statement was filed with the SEC on August 5, 2024.

The stockholders elected seven nominees to the Board of Directors to serve until the 2025 Annual Meeting. The motion saw 35,837,461 votes for, 352,777 withheld, and 20,774,318 broker non-votes.

Furthermore, the appointment of BPM, LLP as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2024, was approved and ratified with 56,736,882 votes in favor, 191,296 against, and 36,378 withheld.

The third proposal authorized the issuance of shares of common stock underlying convertible notes and warrants issued pursuant to a Securities Purchase Agreement with Lind Global Fund II LP, in compliance with NYSE American Rule 713. This proposal received 34,315,368 votes for, 1,580,024 against, and 294,846 withheld, with 21,774,318 broker non-votes.

Lastly, the compensation of the company’s named executive officers was approved on a non-binding advisory basis, with 34,052,268 votes for, 1,434,125 against, and 703,845 withheld, accompanied by 20,774,318 broker non-votes.

The company, which trades under the ticker NYSE American:KNW, has its headquarters at 619 Western Avenue, Suite 610, Seattle, Washington, and is incorporated in Nevada. Know Labs, previously known as Visualant Inc., has undergone several name changes since its initial incorporation as Starberrys Corp.

In other recent news, Know Labs, Inc. has reported several significant developments. The company disclosed a Q3 net loss of $4.1 million for fiscal year 2024, an improvement from the previous year, and a decrease in research and development expenses. They also successfully raised $1.655 million in a financing round, planning to use the funds for various corporate purposes, including product development and intellectual property.

Know Labs has seen changes in its board of directors, with Timothy Londergan stepping down and Ichiro Takesako filling the vacancy in the Audit Committee. The company is actively seeking a new member to join the board.

In terms of products, Know Labs is making progress with its non-invasive glucose monitor, KnowU, which is currently in clinical trials and awaiting FDA clearance. Furthermore, the company is actively pursuing intellectual property monetization and patent licensing, having identified over 600 proprietary elements for its platform technology.

Despite reporting negative shareholder equity for the quarter, Know Labs has completed a capital raise and is taking measures to improve this. Boustead Securities, LLC and The Benchmark Company, LLC, the advisors in the recent transaction, have been granted a right of first refusal for future equity offerings by Know Labs.

InvestingPro Insights

As Know Labs, Inc. (NYSE American:KNW) navigates its corporate governance and strategic direction, recent InvestingPro data provides additional context to the company’s financial position. The company’s market capitalization stands at $30.25 million, reflecting its current valuation in the medical diagnostics technology sector.

InvestingPro Tips highlight some challenges facing Know Labs. The company is “quickly burning through cash” and “suffers from weak gross profit margins,” which may explain the need for the recently approved convertible notes and warrants issuance. Additionally, the tip that “short-term obligations exceed liquid assets” underscores the importance of the company’s financial management strategies.

The stock’s performance has been volatile, with a significant 42.34% price decline over the last three months. This volatility aligns with the InvestingPro Tip noting that “stock price movements are quite volatile.” Despite these challenges, analysts have set a fair value target of $1.00 per share, substantially higher than the previous closing price of $0.29.

For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Know Labs, providing a deeper understanding of the company’s financial health and market position.

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