OneMedNet Shares Surge 70% After Securing More Cash

Dow Jones04-03

By Ben Glickman

Shares of OneMedNet jumped in late trading Tuesday after the company secured more cash through a private placement and tapped a new chief executive.

The stock was up 70% to $1.34 in late trading, following a 5.5% rise in the regular session. Shares are down about 2.4% since the start of the year.

The medical-data management company said it had reached a securities purchase agreement with an institutional investor, which it said would provide up to $4.54 million in funding.

OneMedNet plans to use the proceeds for working capital.

The company also said CEO Paul Casey would retire, succeeded in the role by president Aaron Green. Green's appointment was effective March 29, OneMedNet said in a regulatory filing.

Green has previously served as vice president of cloud solutions at Optum Insights and general manager for radiology imaging at Change Healthcare.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 02, 2024 16:58 ET (20:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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