New PR! They are done ceasing operations. No money to even file their financial disclosure statement which means delisting. If you want to sell to take the loss you should do it before they are delisted. It appears that Imagin never met the benchmarks that were required to get the extra Ralpha 2.5 million or Ralpha just reneged on that deal. Did Imagin ever meet with the FDA? What a worthless company. Who would loan them money with nothing to show. Soon the assets and IP of the company goes to Ralpha so if there is anything to it they will benefit....as I predicted. In my opinion.
Capital Needs In August of 2022, the Company raised $750,000 with the expectation of receiving another $2,500,000 from an investor. Unfortunately, due to the decline in overall investment the additional $2,500,000 has not become available to the Company. Even though it was a difficult fundraising period for pre-revenue medical device companies, Imagin was able to raise an additional $230,000. The Company is attempting to raise additional bridge capital until the Company is able to complete an $8,500,000 financing. Pending the raise of bridge financing, Management has made a decision to shut down virtually all operations and focus its full efforts on raising additional capital. Management continues to believe strongly in the products, and Jim Hutchens, CEO, will lead the effort to raise capital. Presently the Company does not have sufficient funds to pay for the audit of its annual financial statements. Failure to file such statements on a timely basis will result in a cease trade order being issued against the Company. Capital Needs In August of 2022, the Company raised $750,000 with the expectation of receiving another $2,500,000 from an investor. Unfortunately, due to the decline in overall investment the additional $2,500,000 has not become available to the Company. Even though it was a difficult fundraising period for pre-revenue medical device companies, Imagin was able to raise an additional $230,000. The Company is attempting to raise additional bridge capital until the Company is able to complete an $8,500,000 financing. Pending the raise of bridge financing, Management has made a decision to shut down virtually all operations and focus its full efforts on raising additional capital. Management continues to believe strongly in the products, and Jim Hutchens, CEO, will lead the effort to raise capital. Presently the Company does not have sufficient funds to pay for the audit of its annual financial statements. Failure to file such statements on a timely basis will result in a cease trade order being issued against the Company.