American Bio Medica Corporation (CE) (ABMC) News

ABMC: SEC Admin. Proceeding for severely delinquent Financials (10Q for March 2023):

https://www.sec.gov/files/litigation/admin/2024/34-101284.pdf

Melissa Waterhouse no longer listed as CEO !

Is this coming to life?

Not sure who owns the ticker now…

$ABMC Now we wait for a profitable company to take our ticker to new levels.... Hold tight and load up on cheapies!!! micro

Waterhouse is GONE?? What now??

If the following copy/paste is correct, then Waterhouse is GONE.

In connection with the Sale, Melissa A. Waterhouse, the Chief Executive Officer/Principal Financial Officer of the Company, agreed to enter into an employment agreement with the Buyer. Therefore, the employment agreement with the Company’s Chief Executive Officer/ Principal Financial Officer, Melissa Waterhouse, was terminated effective March 1, 2023. Ms. Waterhouse has agreed to provide consulting services for the Company for up to three months, or until June 1, 2023 to assist with the Company’s financial reporting obligations and to assist with the Company’s efforts to secure a new line of business and enter into possible business combinations using the Company’s publicly traded stock as transaction consideration thereby enhancing shareholder value. Ms. Waterhouse will receive a monthly retainer in the amount of $4,000 for her consulting services; however, Ms. Waterhouse has agreed to suspend payment of the retainer until receipt of the Company’s ERC refund of $202,000 or release of the $300,000 in the retention fund previously referenced, whichever comes first. In addition, Ms. Waterhouse has agreed to accept payment of a loan provided to the Company in the amount of $43,000 upon closing of the Sale and suspend payment of her deferred salary in the amount of $92,000 and current salary owed to her in the amount of $29,000 until receipt of the Company’s ERC refund of $202,000 or release of the $300,000 in the retention fund previously referenced; whichever comes first.

Top filing on this link shows the moneys owed. I don't see much of anything happening for the next 3 months if Ms Waterhouse's past performance is any indication. Not sure what will happen after that.
https://fintel.io/sf/us/abmc

this sale got us out of a dying poor business and stopped the money drain (and the $15,000 on the CEO as a consultant for the next 3 months is probably a lot less then the loss that would have occurred during that time.)

I've not dug into the finances so I don't know if the sale left the company cash wise in a positive or a negative once all the debt was paid off. (I would not imagine much positive if there is.)

The company has value, how much I don't know. Perhaps someone might want to merge with them to become a very old company and get the tax credits. (At least someone else mentioned that to me previously that had a merger in mind)

I would hope the larger stock owners (who are down quite a decent amount of money would arrange something to happen with the company so they get their money back and aim to get a profit.)

value, but how much?

Someone might want to merge with them to become a very old company and get the tax credits. (At least someone else mentioned that to me previously that had a merger in mind)

I would hope the larger stock owners (who are down quite a decent amount of money would arrange something to happen with the company so they get their money back and aim to get a profit.)

From the way it looks there will not be much if any meat left on the bone. The CEO, Ms Waterhouse will stay on for 3 months earning $5k/mo as a consultant. Basically, what will be left is a shell for a new company to possibly go public with. Not sure what that is worth but doubt much.
I've been in the market for decades and this is one of the worst run companies I have seen, other than ones who turned out to be complete scams. Sad because the company had such potential at one time.

So, being ignorant of how this works , what does this sale do for shareholders?

Details out on the approved sale

https://www.sec.gov/ix?doc=/Archives/edgar/data/896747/000165495423002266/abmc_8k.htm

Still have the same leadership so we should not expect things to change any time soon.

Looks like asset sale was approved . Now we wait to see what new direction the company goes in.

No The real dicks are the ones here that were pumping this stock to no end every day saying how it was going to the moon. I don't know how people list money or what that even means but I also lost a little here.

Thank you!

Thank you!

Yes, and under the terms, if no one is appointed before sale goes through, Melissa will stay on as a consultant for 3 months. This would further drain funds.

Q. WHAT WILL HAPPEN IF THE ASSET SALE IS APPROVED BY SHAREHOLDERS?

A. If the holders of at least a majority of all of the outstanding shares of Common Stock approve the Asset Sale, and the conditions to closing the Asset Sale as set forth in the Asset Purchase Agreement are satisfied or waived, ABMC will sell substantially all of their assets to the Buyer for cash. As soon as practicable after the closing of the Asset Sale, ABMC plans to use net proceeds from the Asset Sale to address the outstanding liabilities of ABMC and continue to seek strategic acquisitions using ABMC’s publicly traded stock as transaction consideration. Such strategic acquisitions would result in ABMC entering a new line of business.

You’re a real dick…

People list lots money here, and you rub it in.


Vermin….

So new company is private? Our shares must be surrendered?

A "no" means three more months of the company continuing in which it is loosing money per month; what does that do for us (which includes 3 more months of paying fully to Melissa)?

If the board feels Melissa is needed for the 3 months then yes she would stay in an advisor role.

Anyone go to the meeting?

It's a no for me. Why don't they just distribute the funds? If this passes, Melissa is going to stay as an advisor for 3 months, which will further drain funds. After that period, no one will be left unless she finds someone in those 3 months.
Better to get the .06 now then nothing later.

special meeting vote tomorrow

If you own, have you voted?

CEO leaving along with the bad business line they are in*, praying they get into a much better line soon.

*I think any current stock holders should agree to the sale. I don't think there is a choice as it is a dying** business.

** Most here would probably say this is because of the current leadership, however as that is not changing, unless there is a sale, it will just continue to die and better to get what money can be gotten from the current sale offer.

I haven't checked this stock/board in about 2 years. So when do the Fireworks start? Bah ha ha ha Everone was saying this was undervalued at .75. Bah ha ha ha. All were saying we know what we own Bah ha ha ha. Typical OTC message board! You guys still waiting for the Fireworks to begin any day now. Bah ha ha ha

CEO leaving along with the bad business line they are in*, praying they get into a much better line soon.

*I am assuming any current stock holders agree to the sale. I don't think there is a choice as it is a dying** business.

** Most here would probably say this is because of the current leadership, however as that is not changing it will just continue to die and better to get what money can be gotten from the current sale offer.

The Ceo of this company is a fraud,that's why they can't raise capital like other companies do.

Seems to me they are on the OTCQB, do you have something different?

I see it in the list at: https://stockmarketmba.com/listofotcqbstocks.php

The uplist to the OTCQB:
https://www.nasdaq.com/press-release/abmc-uplists-to-the-otcqb-venture-market-2020-12-02

Did this stovk go to pink from a tier they paid for?

Someone slowly accumulating here, like the workers who can only afford to buy a few hundred or thousand at a time.

Big news coming... I'm thinking gov't contract.

Still holding a few here and thinking about getting some more .

What's nice?

Contract soon?

Contract soon?

Let's hope...

Really nice 10q…
Somthin brewing

Who is John

John J. Moroney from Landmark Pegasus

The following 8-K discusses his role with ABMC.

The 8-K by ABMC announcing there relationship

Who is John that you just mentioned?

What is his job that is helping?

I bought some more today (as a trade I have enough long term), we'll see if John working with Melissa can get something positive going.

I heard they're working on a Monkeypox test! It's gonna be huge.

(That's what the voices in my head told me)

No one is head of sales for a while

That is a big part of the problem in my opinion.

Maybe, this forced on her??

If itwas, it hasn't helped one Iota yet.

Stuart Sternberg Active??

Does ANYONE know if the bigger ABMC shareholder, Stuart Sternberg (Tampa Bay Rays owner) is at all active with anything at ABMC??

Head of Sales?

I would be curious to know who is the recent past AND current head of sales.

Then I'd like to hear the reasons why any sort of decent sales have never come to fruition.

Disappointment?

The stock price for anyone still holding is a very big disappointment.

I find it very curious that John J. Moroney who not that long ago was selling shares and got to below 5% has as already mentioned in this MB (and referenced below) come back to be working with them and now has the rest of his shares(much more than he sold) locked up; one has to wonder that he thinks that something of potential is being pursued.

8-K with John's renewed relationship with the company

Perhaps the risk/reward for a small amount of one's account could be considered again.


Melissa has been able to convince Stuart Sternberg and others on multiple occasions to buy shares; perhaps her skills can be used in a way to raise the stock price.

Just stopping by for a laugh..
Bahahaha!
Melissa couldn't sell the porch furniture.

needs volume, dry er than americano jokes.

Who would buy a testing company that couldn't sell any tests during a pandemic?

NT 10K filed. Filings late again!

Looks interesting.Maybe ready,thanks!

8K out, this could rock!!


ABMC may be acquired, or looking to acquire?

https://www.otcmarkets.com/filing/html?id=15654022&guid=aVFwkKPx37w-B3h


ABMC chart:

https://www.barchart.com/stocks/quotes/ABMC


Float is 26M...

https://www.otcmarkets.com/stock/ABMC/security


ITEM 1.01 Entry into a Material Definitive Agreement

On March 7, 2022, American Bio Medica Corporation (the “Company”) entered into a Financial Advisory Agreement (the “Agreement”) with Landmark Pegasus, Inc. (‘Landmark”). The Agreement provides that Landmark will provide certain financial advisory services for a minimum period of 3 months (which period commenced on February 28, 2022), and as consideration for these services, the Company will pay Landmark (a) a retainer fee consisting of 500,000 restricted shares of common stock and a warrant to purchase 2.75 million shares of the Company’s common stock at a strike price equal to the average closing price of the Company’s common shares for the 30 days preceding the Agreement, or $0.035 per share, resulting in gross proceeds to the Company in the amount of $96,250.00. The warrant will vest upon the closing of a transaction involving Landmark or upon the invocation of a “Breakup Fee”.

The Breakup Fee will be invoked upon the generation of a specific transaction to ABMC which meets certain criteria agreed upon by both the Company and Landmark; which transaction is then rejected by the Company. The Company will also pay to Landmark a “Success Fee” for the consummation of a transaction closing during the term of the Agreement and for 12 months thereafter, between the Company and any party first introduced to the Company by Landmark, or with any party the Company has specifically requested Landmark’s assistance with the transaction.

Upon invocation of the Breakup Fee or payment of the Success Fee, the Company will also issue an additional 250,000 restricted shares of the Company’s common stock.

In the event that the Company consummates a transaction involving the provision of services to any party introduced to the Company by Landmark or with any party the Company has specifically requested Landmark’s assistance with, the Company will pay Landmark 10% of any revenues received from the transaction, unless this percentage is modified by both the Company and Landmark in writing.

There is no material relationship between the Company and Landmark, other than with respect to the Agreement.