SHAREHOLDERS' EQUITY

9 Months Ended

Feb. 28, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

NOTE 3:  SHAREHOLDERS’ EQUITY

On July 20, 2020, the Company’s outstanding SEC Form S-3 “Shelf” registration statement dated July 20, 2017 expired. This prior registration statement registered an indeterminate number of shares equating to a maximum aggregate offering amount of $45,000,000 of shares.

On July 21, 2020, the Company filed with the SEC a new Form S-3 “Shelf” registration statement to replace the registration statement that expired on July 20, 2020. The new registration statement registers common shares to be issued in a maximum aggregate amount of $90,000,000. Included in this registration statement was the registration of all of the common shares issued, or to be issued, to Palm Global Small Cap Master Fund LP upon conversion of their Series A 5% Convertible Preferred Stock into common shares. This S-3 registration statement became effective September 30, 2020.

In January 2021, Palm Global Small Cap Master Fund LP converted 321,429 preferred shares to common stock. Following this conversion, Palm Global Small Cap Master Fund LP no longer owns any preferred stock, and Biomerica currently has no preferred shares outstanding.

During the three months ended February 28, 2021, the Company issued 158,889 shares through the Company’s At-The-Market (ATM) facility, under its S-3 shelf registration.  The net proceeds from this issuance were $1,011,475. Based on data from the NASDAQ website, the total public trading volume of the Company’s stock during the quarter was over 25 million shares. As such, the Company’s sale of the 158,889 shares under the ATM represents approximately one-half of one percent (0.5%) of the trading volume during the quarter.