Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 18, 2023

SALONA GLOBAL MEDICAL DEVICE CORP.
(Exact name of registrant as specified in its charter)

British Columbia	333-255642	Not Applicable
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

49 Natcon Dr
Shirley, New York, United States 11967
(Address of principal executive offices) (ZIP Code)

Registrant’s telephone number, including area code: (800) 760-6826

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company ☑

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01. Other Events.

On December 18, 2023, Salona Global Medical Device Corporation (the "Company") issued a press release, which press release was filed via the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR). The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description

99.1	Press Release of Salona Global Medical Device Corporation dated December 18, 2023.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

	SALONA GLOBAL MEDICAL DEVICE CORPORATION


Date: December 18, 2023	By:	/s/ Natalia Vakhitova
	Name: Natalia Vakhitova
	Title: Chief Financial Officer

EXHIBIT 99.1

Salona Global Announces the Debut of the Biodex Reactive Step Trainer, a Revolutionary Balance
Training System to Reduce Falls; Commences AI Enabled Software Component

New York, New York, December 18, 2023 - Salona Global Medical Device Corporation (the ‎‎‎"Company") (TSXV:SGMD), announced today the debut of the Biodex Reactive Step Trainer ("RST"): A revolutionary medical device that combines Biodex Rehab's industry leading gait trainer platform with a clinically proven perturbation training system.

There is a critical need for a proactive approach to fall prevention as the world's population is aging¹. One in three people over the age of 65 experience at least one fall each year and those falls are the leading cause of fatal and nonfatal injuries in older adults².

The RST can help by retraining the neuromuscular system to respond when a person becomes off balance, with the aim of creating muscle memory when recovering from a trip or slip in a controlled environment.

The Company plans to launch the product in the United States at the American Physical Therapy Association, Combined Sections Meeting in Boston on February 15^th - 17^th, 2024.

Available for shipment to customers globally in 2024, the RST medical device further extends the Biodex institutional grade technology and intellectual property to the 48,000+ physical therapy rehabilitation centers³ and the approximately 30,600+ independent living communities in the United States alone⁴.

Additionally, the Company is engaging Limmi, a healthcare artificial intelligence platform company, to develop predictive capabilities for the RST using machine learning from data collected by the device for each individual patient.

"After a record revenue quarter generating a profit, we have debuted another exciting product that has the potential to increase revenue at Biodex," said Mike Seckler, CEO. "Along with the portable SpaceTek Knee™ product we debuted last month, we envision the RST being a staple product for clinics globally. We have two new products that expand our market and that is setting up for a fantastic year in 2024".

For more information please contact:‎

‎ ‎

Mike Seckler

Chief Executive Officer

Tel: 1 (800) 760-6826‎

Email: Info@Salonaglobal.com

Additional Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the ‎policies of ‎the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this ‎release.‎

Certain statements contained in this press release constitute "forward-looking information" within the ‎meaning of ‎the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities ‎laws. These statements can ‎be identified by the use of forward-looking terminology such as "expects" ‎‎"believes", "estimates", "may", "would", ‎‎"could", ‎‎"should", "potential", ‎‎‎‎‎"will", "seek", "intend", ‎‎"plan", and "anticipate", and similar expressions as they ‎relate ‎‎‎‎to the Company, including: the Company changing its name; the timing of launch and shipment of the RST; and the anticipated uses of the RST and the results of such use.

All ‎statements ‎other than statements of ‎historical fact may be forward-looking‎ information. Such ‎statements ‎reflect the Company's current views and intentions with respect to future ‎events, and ‎current information ‎available to the Company, and are subject to certain risks, ‎uncertainties and ‎assumptions, including: completion of field testing to collect user experience and clinical data; the availability of RST components; and the active participation of the Company at the Boston meetings. The Company cautions that ‎the forward-looking statements contained herein are qualified by important ‎factors that could cause ‎actual results to differ materially from those reflected by such statements. Such factors ‎include but ‎are not limited to the ‎‎general business and ‎‎economic ‎conditions in the regions in ‎which the Company ‎‎operates; the ability of the Company to execute on key ‎‎priorities, ‎including the successful completion ‎of ‎acquisitions, business‎ retention, and‎‎ strategic plans and to‎‎ attract, develop ‎and retain key ‎executives; difficulty ‎integrating newly acquired businesses; ‎‎ongoing or new disruptions in the supply ‎chain, the extent and scope of ‎such supply chain disruptions, and the timing or extent of the resolution ‎or improvement of such disruptions; the ‎ability to‎‎‎ implement business strategies and pursue business ‎opportunities; ‎‎disruptions in or attacks (including ‎‎cyber-attacks) on the Company's information ‎technology, internet, network access or other ‎‎voice or data ‎‎communications systems or services; the ‎evolution of various types of fraud or other ‎‎‎criminal behavior to which ‎ ‎the Company is exposed; the ‎failure of third parties to comply with their obligations to ‎‎ the Company or its ‎‎affiliates; the‎ impact of ‎new and changes to, or application of, current laws and regulations; ‎granting of permits ‎and licenses ‎in a highly regulated business; the ‎overall difficult ‎‎‎‎‎litigation environment, including in the United ‎‎States; increased competition; changes in foreign currency rates; ‎increased ‎‎‎‎funding ‎costs and market ‎volatility due ‎to market illiquidity and competition for funding; the ‎availability of funds ‎‎‎‎and ‎resources to pursue operations; ‎critical ‎accounting estimates and changes to accounting standards, ‎policies,‎‎‎‎ and methods used by the Company; ‎the occurrence of natural and unnatural‎‎ catastrophic ‎‎events ‎and claims ‎‎‎‎resulting from such events; as well as ‎those risk factors discussed or ‎referred to ‎in ‎the ‎Company's disclosure ‎documents filed with United States ‎Securities and Exchange Commission ‎‎and ‎available at ‎www.sec.gov, and with ‎the securities regulatory authorities ‎in certain provinces of ‎Canada and ‎‎available at ‎www.sedarplus.ca. Should any ‎factor affect the Company in an ‎unexpected ‎manner, or should ‎‎assumptions underlying ‎the forward-looking ‎information prove incorrect, the actual ‎‎results or events may differ ‎‎materially from the results ‎or events predicted. ‎Any such forward-looking ‎information ‎is expressly qualified in its ‎‎entirety by this cautionary ‎statement. Moreover, ‎the Company ‎does not assume ‎responsibility for the accuracy or ‎‎completeness of such ‎forward-looking ‎information. ‎The forward-looking ‎information included in this press release ‎‎is made as of the ‎date of this press ‎‎release and the Company undertakes ‎no obligation to publicly update or revise ‎‎any forward-‎looking ‎information, ‎other than as required by applicable ‎law‎.‎

1. https://www.who.int/news-room/fact-sheets/detail/ageing-and-health

2. https://www.cdc.gov/injury/features/older-adult-falls/index.html

3. https://www.ibisworld.com/industry-statistics/number-of-businesses/physical-therapy-rehabilitation-centers-united-states/#:~:text=Questions%20Clients%20Ask%20About%20This%20Industry&text=There%20are%2048%2C698%20Physical%20Therapy,increase%20of%203.6%25%20from%202021

4. https://www.ahcancal.org/Assisted-Living/Facts-and-Figures/Pages/default.aspx

Document and Entity Information Document	Dec. 18, 2023
Document Information [Line Items]
Document Type	8-K
Document Creation Date	Dec. 18, 2023
Document Period End Date	Dec. 18, 2023
Amendment Flag	false
Entity Registrant Name	Salona Global Medical Device Corp.
Entity Address, Address Line One	49 Natcon Dr
Entity Address, City or Town	Shirley
Entity Address, State or Province	NY
Entity Address, Country	US
Entity Address, Postal Zip Code	11967
Entity Incorporation, State Country Name	A1
City Area Code	800
Local Phone Number	760-6826
Entity File Number	333-255642
Entity Central Index Key	0001617765
Entity Emerging Growth Company	true
Entity Tax Identification Number	00-0000000
Entity Ex Transition Period	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false