Shares of small-cap penny stock BIMI International Medical Inc. (NASDAQ:BIMI) shares are trading higher after the company announced it entered a $5 million stock purchase agreement with chairman Fnu Oudom.
Mr. Fnu Oudom agreed to purchase 12,500,000 shares of common stock of the Company for $5 million, or $0.40 per share.
In consideration for the Holders providing the waivers, the company agreed that it will use $500,000 of the proceeds to pay down portions of each holder's promissory note.
BIMI International Medical is a healthcare products and provider, offering a broad range of healthcare products and related services and operates two private hospitals in China.
BIMI shares have traded as high as $13.35 and as low as $0.40 over a 52 week period.
BIMI International Medical shares were trading about 29% higher at $0.67 per share on Friday at the time of publication.
