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Ekso Bionics Inc (EKSO) – stock research report

22 Dec Ekso Bionics Inc (EKSO) – stock research report

 

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On Monday, December 23, 2013, PN Med Group Inc (PNMD) will do a 3.462:1 forward stock dividend and a name/symbol change to Ekso Bionics Inc (EKSO).

Since PNMD is an infant ticker just taken public last year with no trading history, a forward stock dividend while all the shares are still insider owned could be a sign of future unusual trading activity including possibly a paid promotion.

Let's take a closer look at the ticker.

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The Set-up

PN Med Group Inc had a very prototypical set-up commonly found in shells that are just being taken public to fail at their original forward looking business plan to be passed off to new ownership.

The entity was incorporated in Nevada on January 30, 2012 using InCorp Services Inc for the incorporation services.  The original officers, Pedro Perez Niklitschek (28 years old) and Miguel Molina Urra (27 years old) were both from Chile.  Foreign nominee officers are often a very common trait in these types of tickers.  

Pedro Perez Niklitscheck was allegedly a manager at a distribution company in Chile called GEPN technology that focuses on the distribution of heavy machinery and engineering equipment from China.

Miguel Molina Urra allegedly worked as a financial accountant for Uvas Chile, a Chilean wine company.  Finding people linked to the wine industry is such a common trait in the penny stock stock promotion world.

Pedro Perez Niklitscheck was issued 5,000,000 shares for $5,000 cash making up the entire outstanding share count.

The forward looking business plan for PN Med Group was to become a distributor of medical supplies and equipment to municipalities, hospitals, pharmacies, care centers, and clinics in Chile.  The company had a domain at www.pnmedgroup.com.

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Going Public

On May 8, 2012, PN Med Inc filed an S-1 to go public.

At this point PN Med Inc yet to acquire any supplies to sell through their website.  The company had no revenues and only $8,443 cash.  $5,000 came from the CEO's purchase of 5,000,000 shares and $3,600 came from a shareholder loan provided by one of the shell's original officers.

The S-1 filing was to register 5,000,000 shares for sale at $.02/share to a group of hand picked anonymous seed shareholders.  PN Med Inc told the SEC that they would have to raise at least $25,000 to be able to initiate their business plan.  That means they would have to sell a minimum of 1,250,000 shares.

Providing the legal opinion for PN Med Inc was Stepp Law Corporation who sits at #22 on our list of attorneys to follow for a future paid promotion.  Other tickers linked to Stepp Law Corporation include SLIO and PUNL.

Helping with the accounting was Silberstein Ungar, PLLC.

The SEC approved the forward looking business plan for PN Med Inc on August 6, 2012.  PN Med Inc was given the trading symbol PNMD.

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After Going Public

Despite selling 1,350,000 shares (which was more than the minimum amount of 1,250,000 shares PNMD told the SEC they'd need to sell to initiate their business plan), PNMD would never end up acquiring or selling any medical equipment.   Not surprisingly, PNMD was just another shell scheme only taken public to get free trading shares into the hands of specific anonymous insiders and to be used to pass off to new ownership.

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Change of control

We have not seen an actual 8K yet for a change of control, but we do know that starting tomorrow, Monday, December 23, 2013, FINRA has approved a 3.462:1 forward stock dividend and a name/symbol change to Ekso Bionics Inc (EKSO).  This is an obvious sign that the ticker will also get new management.

The Nevada business entity has already been amended with a name change to Ekso Bionics Holdings Inc and an authorized share increase to 500,000,000 shares.

Ekso Bionics Inc (originally known as Berkeley Bionics Inc) is actually a Delaware business entity based in Richmond, California founded in January of 2005. 

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Current officers/directors include:

Eythor Bender
Russ Angold
Nathan Harding
Max Sheder-Bieschin
Scott Banister
Marilyn Hamilton
Jack Peurach
Michael Fawkes

The company did a Form D filing to do a $12,000,000 public offering on June 22, 2012 and a second Form D filing to register another $5,000,000 in stock to be issued to debt Note holders in November of 2013.  The public offering was done with the help of Gottbetter Capital Markets LLC who was paid $500,000 for their assistance.

All of those shares sold/issued will no doubt be involved in a future share exchange between PN Med Inc (now known as Ekso Bionics Holdings Inc) and Ekso Bionics Inc (the Delaware business entity based in California).  At this point, until the 8k is filed for the share exchange, all we know for sure is that seed shareholders will now have 4,673,700 free trading shares.  This is far short of the amount you'd see in a future paid promotion ticker so EKSO is probably not a prime candidate for a paid promotion, but will it become a slow climber?

None of the officer/directors can be linked to any past penny stocks, but Gottbetter Capital Markets is a familiar name from our past research.  Gottbetter Capital Markets LLC is a registered broker agency that is run by attorney Adam S Gottbetter of Gottbetter & Partners LLP.

Gottbetter & Partners LLP did legal work for several past promoted tickers including RACK, BLBK, POLR, MSEH, and LFAP.    They also did legal work for one slow climbing Seacoast ticker, EVTI.  Gottbetter is also linked to several tickers we consider possible future paid promotions that we have researched on this site.

Adam S Gottbetter is closely linked to ex-broker and current toxic debt provider Samuel DelPresto (SUSA, BRND) who was named in SEC litigation in the past.

The Gottbetter connection certain keeps EKSO on watch for a possible future paid promotion especially if the future share exchange between PN Med Inc (now known as Ekso Bionics Holdings Inc) and Ekso Bionics Inc comes with a lot of free trading issued issued towards Ekso Bionics Inc debt Notes.

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More about Ekso Bionics Inc

The Ekso Bionics Inc website can be found here.  Their twitter page here

According to their website, originally Ekso Bionics Inc was founded in Berkeley, California in 2005. Since inception Ekso Bionics has forged partnerships with world-class institutions like UC Berkeley, received research grants from the Department of Defense and licensed technology to the Lockheed Martin Corporation.  Today Ekso Bionics continues to pioneer the field of exoskeletons, designing and creating some of the most forward-thinking and innovative solutions for people looking to augment human mobility and capability.

Ekso Bionics Inc manufacturers and sells a wearable bionic suit which enables individuals with any amount of lower extremity weakness to stand up and walk over ground with a natural, full weight bearing, reciprocal gait.  Ekso Bionics Inc hopes to make their exoskeleton (wearable bionic suit) something that can be sold and used by members of the general public with lower extremity issues within the next 1 - 2 years.

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Several videos about EKSO can be found on their youtube page.  More of their story is told in the following videos:

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EKSO was even featured on national TV by The Doctors:

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Though we do not have a balance sheet for EKSO and they failed to disclose their revenues in their Form D filings, it does appear that EKSO is a real company with a real product.  As mentioned near the end of The Doctors video from May of 2012, EKSO hopes to be marketing their product to the general public by some time in 2014. 

EKSO definitely looks more like a candidate to be a nice slow climber.  As a ticker with a real product and a small float of 4,673,700 shares after the forward split, it has the potential to offer some nice price movement in the future.

We will watch closely for that 8K in the coming days.  We'll also watch for EKSO to start to actively trade to see if a nice climbing pattern starts to develop.

 

 

 

 

 

3 Comments
  • nodummy
    nodummy
    Posted at 10:45h, 16 January Reply

    Press Release from 1/15/14
    http://www.prweb.com/releases/2014/01/prweb11491387.htm

    Ekso Bionics Holdings, Inc. (formerly PN Med Group, Inc.) (OTCBB: EKSO), a Nevada corporation (the “Company”), announced today that it completed an alternative public offering on January 15, 2014, in which Ekso Bionics, Inc., a Delaware corporation (“Ekso Bionics”), became a wholly owned subsidiary of the Company, and completed a simultaneous $20.6 million private placement offering. Shares of the Company’s common stock are currently quoted on the OTC Markets under the symbol “EKSO.”

    Ekso Bionics designs, develops, and commercializes exoskeletons, or wearable robots, which have a variety of potential applications in the medical, military, industrial, and consumer markets. Exoskeletons are ready-to-wear, battery-powered robots that are strapped over the user’s clothing, enabling individuals to achieve mobility, strength, or endurance not otherwise possible.

    Ekso Bionics’ lead product, Ekso™, is a robotic exoskeleton used for the rehabilitation of individuals with lower extremity weakness, paralysis or hemiparesis (weakness on one side of the body) due to such neurological conditions as stroke, spinal cord injury or disease, and traumatic brain injury.

    “Ekso Bionics was founded to design and develop the world’s most innovative solutions for augmenting human capabilities. In 2012 we delivered our first robotic exoskeleton to the rehabilitation community, achieving the remarkable ability to help people living with spinal cord injuries to stand and walk again,” said Nathan Harding, the Company’s chief executive officer. “This financing, led with investments from Opaleye L.P. and Montrose Capital Partners, represents an exciting milestone in our Company’s history by providing the capital to expand our technology even further and drive adoption in the neuro-rehabilitation market.”

    “We are excited to be a part of what Ekso Bionics has achieved over the past few years in the pursuit of rehabilitating those who have suffered life-altering injuries,” said Bill Anoatubby, Governor of the Chickasaw Nation, Ekso Bionics’ largest shareholder and long-term partner. “This development will provide valuable new opportunities for the Company and, most importantly, for the potential of the technology.”

    Concurrent with the completion of the alternative public offering, which was structured as a reverse merger, the Company completed a closing of the sale of 20,580,000 units at a price of $1.00 per unit, resulting in $20.6 million in gross proceeds to the Company (including the conversion of $5.0 million of bridge debt issued in November 2013, and before deducting commissions and expenses of the offering). Each unit includes one share of the Company’s common stock and a warrant to purchase one share of the Company’s common stock at an exercise price of $2.00 per share for a five-year period. After giving effect to the closing of the reverse merger and the private placement, there are approximately 68,000,000 shares of Company common stock outstanding and warrants to purchase approximately 26,000,000 shares of Company common stock outstanding. In addition, the Company’s Board of Directors adopted, and its stockholders have approved, a 2014 Equity Incentive Plan, which provides for the issuance of incentive awards of up to 14,410,000 shares of the Company’s common stock to officers, key employees, consultants and directors, approximately 9,900,000 of which are currently outstanding.

    Gottbetter Capital Markets, LLC, was the exclusive placement agent for the best efforts private placement offering, and EDI Financial, Inc. was a sub-agent.

    Effective with the completion of the reverse merger, the Board of Directors of the Company consists of Steven Sherman, Chairman, Nathan Harding, CEO, Daniel Boren, Marilyn Hamilton and Jack Peurach.

    The Company intends to use net proceeds of the offering principally to expand its sales and marketing efforts, to sustain its research and development efforts, to pay-off approximately $2.5 million in venture debt and to pay general and administrative expenses.

  • alive
    ALiVE
    Posted at 16:58h, 23 February Reply
  • dpaul662
    Posted at 18:44h, 23 February Reply

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