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Rennova Health, Inc. (OTC: RNVA) announced two stock exchange agreements with FOXO Technologies, Inc. (NYSE American: FOXO). The first agreement involves exchanging equity in Myrtle Recovery Centers, Inc. for $500,000 in FOXO common stock, pending NYSE approval. The second entails exchanging equity in Rennova Community Health, Inc. for $20 million in FOXO convertible preferred stock, also subject to adjustments. The Myrtle transaction closed on June 14, 2024, while the Rennova Community Health deal is expected to close in Q3 2024, pending shareholder approvals. FOXO also secured up to $2.5 million in financing, with $750,000 funded at Myrtle's closing. CEO Seamus Lagan stated these transactions will enhance capital access and potentially allow Rennova to monetize its FOXO stock holdings over time.
Rennova Health, Inc. (OTC: RNVA) has recently reported significant improvements in its financial performance for 2022 during an interview with CEO Seamus Lagan. The company's revenues surged to over $13 million, a growth of more than $10 million from approximately $3.2 million in 2021. Additionally, losses from continuing operations decreased drastically from about $12.5 million in 2021 to just over $1.4 million in 2022. Rennova plans to expand operations by opening a mental health facility, with the expectation that the majority of patients will be covered by Medicaid or Medicare, potentially adding profitable revenues. The company also holds an investment in InnovaQor, which is developing a medical communication network anticipated to generate revenue through subscription fees. Lagan expressed optimism for continued progress in revenue generation.
Rennova Health, Inc. (OTC: RNVA) CEO Seamus Lagan provided an update on the company’s 2022 financial performance during an interview on Stock Day. He confirmed timely filings are expected to show revenue and profitability improvements in Q4 2022. The company anticipates opening a new behavioral health facility by the end of March 2023, with relevant licenses submitted. Further expansion plans may include adding services in existing facilities and pursuing acquisitions to accelerate growth. Lagan expressed optimism for continued improvement, albeit acknowledging existing challenges that may affect operations.
