VSee Health, Inc. (NASDAQ: VSEE), a telehealth services and technology company, announced it has identified approximately $1 million in near-term annual savings following its delisting from Nasdaq and a restructuring of its corporate operations.

The company said it intends to redirect those savings toward revenue-generating initiatives, working capital, and the expansion of its hospital-based telehealth operations.

At its annual meeting, shareholders approved an 80-to-1 reverse stock split, the appointment of WWC as auditors, and the renewal of two board members.

VSee Health also said it has identified measures to improve collection of approximately $8 million in recently billed healthcare accounts receivable, with management citing revenue-cycle management as a focus area for generating additional working capital.

The company said several new hospitals are scheduled to come online and that it is working to accelerate their implementation.

"While we were disappointed by the Nasdaq delisting, we are genuinely excited about the opportunity now in front of us," said Imo Aisiku, M.D., Chief Executive Officer of VSee Health.

The company also said it plans to adopt a new corporate name intended to reflect its focus on hospital-based healthcare services. The proposed name and timing will be announced after receiving required board, shareholder, and regulatory approvals.

VSee Health said it will continue to explore organic growth and mergers and acquisitions as part of its broader repositioning strategy.