OneMedNet Corporation (NASDAQ:ONMD) ("OneMedNet" or the "Company"), the leading provider of regulatory-grade imaging Real-World Data (iRWD), today announced that it has entered into agreements with accredited investors in private placement transactions at $0.42 per share of common stock that resulted in gross proceeds of approximately $3.7 million, before deducting fees and expenses payable by the Company. Certain Company's founders and directors participated in the private placement transactions.
OneMedNet intends to use the proceeds of these private placements for working capital and general corporate purposes. The private placements closed on or about June 19, 2025, and the price per share of common stock sold in these private placements exceeded the minimum price requirement under Nasdaq rules.
During the second quarter of 2025, the Company took additional steps to strengthen its balance sheet and enable it to continue its strategy of adding Bitcoin to the balance sheet:
- Settling approximately $3.26 million of deferred underwriter fees payable to the underwriter in the Company's business combination transaction.
- Settling approximately $1.08 million additional trade payables and other amounts owed by the Company.
- Obtaining notices from the Company's noteholders to convert approximately $6.56 million of their principal and interest into Company common stock.
- Redeeming for cash the remaining $250,000 outstanding under the Company's original convertible promissory note previously issued to Yorkville Advisors Global in June 2024, which contained certain discounted conversion features.
As a result of these actions, the Company settled or converted approximately $11.0 million of the Company's current liabilities, representing a 60% reduction in the Company's total liabilities outstanding as of March 31, 2025.