BioSig Technologies Inc., a Los Angeles-based medical technology company with an office in Westport, announced Monday it has signed a letter of intent to “enter into a proposed merger or other business combination” with Streamex Exchange Corp. in an all-stock transaction.
Streamex is a real-world asset (RWA) tokenization company based in Vancouver, British Columbia, Canada.
Immediately after the merger, current stockholders of Streamex will own approximately 19.9% of the outstanding common stock of the company and a number of shares of convertible preferred stock, officials said. Under terms of the agreement, conversion of the preferred stock will result in the former stockholders of Streamex owning approximately 75% of the outstanding common stock of the company, with the company’s current shareholders owning the remaining equity.
The merger will result in the appointment of Henry McPhie as the new chief executive officer. McPHie is co-founder and CEO of Streamex.
Morgan Lesktrom, co-founder and chairman of Streamex, will become chairman of the new company’s board.
Anthony Amato, current CEO and chairman of BioSig, will remain on the board of the merged company. Additional board members will be added after the merger is completed, officials said.
“This merger represents a transformative opportunity for both our company and our shareholders,” Amato said. “By joining forces with Streamex, we are unlocking significant growth potential while continuing to advance our existing business.”
He added that the merger will expand BioSig’s market reach, enhance its capabilities, and “create even greater opportunities for driving substantial returns.”
BioSig, which is incorporated in Delaware and is now headquartered in Los Angeles, has an office at its former headquarters at 55 Greens Farms Road in Westport. It develops signal-processing equipment that can diagnose heart malfunctions.
Analysts say the merger is intended to create a publicly listed RWA tokenization company on the Nasdaq stock exchange.
BioSig’s stock, which trades under the symbol BSGM, was trading Monday at $1.28 per share, slightly above its opening price of $1.25 per share but well below its 52-week high of $2.57 per share.
