BioSig has announced a merger with Streamex to launch a company focused on bringing commodities on-chain. / Photo: X/Streamex
Small-cap cardiac tech developer BioSig Technologies, which only last autumn regained its Nasdaq listing after a rocky spell, is changing strategic direction. The company has announced a merger with private Canadian fintech firm Streamex Exchange Corporation to enter the blockchain space. Driven by this news, BioSig stock gained more than 24% in a single day.
Details
BioSig has announced a merger with Canadian fintech Streamex Exchange Corporation. Together, they plan to create a first-mover real-world asset tokenization company to bring commodities, from coal to grain, on-chain.
The merger is to be carried out through an exchange of Streamex shares for new shares of BioSig. Initially, Streamex shareholders will receive a 19.99% stake, which, upon BioSig shareholder approval, will rise to a 75% stake in the combined company. Streamex will become a subsidiary of BioSig. The combined company will be led by Streamex cofounder and CEO Henry McPhie, while current BioSig CEO Anthony Amato will join the board of directors. Amato called the merger “a pivotal milestone” in BioSig’s ongoing strategy to restore and build long-term shareholder value.
On Friday, May 23, BioSig stock jumped almost 25% on the Nasdaq to $5.28 per share, its highest mark since late 2023. It has now tripled since the beginning of the year, up 254%.
The ups and downs of BioSig
BioSig Technologies was founded in 2009 by financier Kenneth L. Londoner. After an acquaintance presented him with a cardiac technology, Londoner figured out how to bring it to market. The result was PURE EP — a noninvasive device that, according to BioSig, provides visualization of cardiac signals in real time, enabling doctors to carry out arrhythmia procedures with improved precision and effectiveness.
However, the U.S. FDA was of a different opinion. In a 2018 report, it stated that PURE EP did not stand out from comparable devices.
In 2024, BioSig laid off all employees except for its CEO. That raised red flags with Nasdaq, which suspected that BioSig was no longer engaged in actual operations and labeled it a “public shell.” The exchange company also gave notice of BioSig’s noncompliance with listing standards, as the stock was trading below the $1 per share mark. In June 2024, Nasdaq delisted BioSig and relegated it to the over-the-counter market, which triggered a 70% drop in the share price.
