Progressive Care Cancels Reverse Stock Split
Progressive Care Inc. (OTCQB: RXMD) has announced that its Board decided against proceeding with a reverse stock split, which was approved by shareholders in December 2020. The split was intended to facilitate a national exchange listing and attract institutional investors. However, due to unfavorable market conditions and the nearing expiration of the Board's authority, the timing was deemed inappropriate. The company remains focused on becoming an SEC-reporting issuer and aims to complete its uplist to a national exchange.
- Continued focus on uplisting to a national exchange.
- Maintaining the company's goal to become an SEC-reporting issuer.
- The decision not to proceed with the reverse stock split may hinder attracting institutional investors.
- Unfavorable market conditions affecting the company's growth strategies.
MIAMI, FL, May 27, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, announces that the Company’s board of directors (the “Board”) has decided not to move forward with the reverse stock split previously authorized by the Company’s stockholders in December of 2020.
The Company had intended to effect such reverse stock split in connection with listing on a national stock exchange and enable the company to raise funds to finance growth as well as facilitate higher levels of institutional ownership where investment policies prohibit investments in lower priced securities. While the Company is continuing its work towards becoming an SEC-reporting issuer and being listed on a national exchange, given the market conditions and timing, the Board has determined that it was not the appropriate time to conduct a reverse stock split.
"When we were asking our shareholders to approve the reverse stock split, it was on the understanding that the market conditions would need to be right, and such reverse stock split would allow us to list on a national exchange. Given present market conditions and the pending expiration of the Board’s authority to approve such reverse stock split, we believe this is not the right time. Nevertheless, we will continue our focus on completing our uplist to a national exchange and execution of our business plan,” said Alan Jay Weisberg, CEO and Chairman of Progressive Care.
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About Progressive Care: Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.
Cautionary Disclosure Regarding Forward-Looking Statements Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Public Relations Contact:
Carlos Rangel
carlosr@pharmcorx.com
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