BIMI Stock Price Increased Over 5% Pre-Market: Why It Happened

By Amit Chowdhry ● Mar 29, 2021
  • The stock price of BOQI International Medical Inc (NASDAQ: BIMI) is trading at over 5% pre-market. This is why it happened. 

The stock price of BOQI International Medical Inc (NASDAQ: BIMI) is trading at over 5% pre-market. This seems to be a continuation in momentum from last week when the company announced on Thursday morning the signing of a Memorandum of Understanding (“MOU”) with 2 individual sellers (“Sellers”) on March 24, 2021 with the intent of acquiring 3 hospitals: Yunnan Yuxi Minkang Hospital, Wuzhou Qiangsheng Hospital, and Suzhou Eurasia Hospital. And the sellers own 100% of the shares of these three companies.

Pursuant to the MOU, BOQI International Medical and the sellers have been reached a preliminary consensus on mergers and acquisitions. They had agreed to sign a Stock Purchase Agreement after completing the relevant assessment and evaluation of the Hospitals. Upon signing the agreement, the company will pay the consideration in cash or BIMI’s common shares, at a price of $3 per share. And the sellers agreed to pay BIMI $75,000 as a deposit within 3 days after signing the MOU.

Yunnan Yuxi Minkang Hospital was established in 1998. And it is a comprehensive hospital integrating medical treatment, disease prevention, health care, scientific research, rehabilitation, and physical examination. The hospital covers an area of more than 172,000 square feet. Plus it has more than 20 clinical departments, including internal medicine, minimally invasive surgery, gynecology, urology, traditional Chinese medicine, ENT, laboratory, imaging, anesthesiology, and physical examination center, with 200 beds.

Wuzhou Qiangsheng Hospital is known as a first-level comprehensive hospital. And it has a 4-story building covering an area of more than 56,000 square feet. The hospital has a professional team of more than 50 medical personnel. And it has specialists focus on internal medicine, surgery, traditional Chinese medicine, and urology. 

The hospital has 30 beds. And it is equipped with advanced diagnosis and treatment equipment, including the 1000-level laminar flow operating room.

Suzhou Eurasia Hospital is known as one of the largest andrology specialist hospitals in northern Anhui. And it covers an area of more than 56,000 square feet. The hospital has 6 featured departments, which diagnose and treat prostate disease, sexual dysfunction, reproductive infection, reproductive plastic surgery, male infertility, and urinary stones. And it has established a series of advanced diagnosis and treatment systems, including the penile hemodynamic monitoring system, sperm motility analysis system, Kurt multifunctional effect treatment system, ultrasound treatment for the prostate, semiconductor laser therapeutic apparatus, and photodynamic therapy, etc.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.