Progressive Care Files Form 10 to Become Fully SEC Reporting and Subsequently Uplist to NASDAQ

Rhea-AI Summary

Progressive Care Inc. (OTCQB: RXMD) filed a Form 10 with the SEC to register its common stock under Section 12(g) of the Exchange Act. This filing will take effect on April 11, 2022, unless withdrawn. Following effectiveness, the Company will be required to submit annual, quarterly, and current reports, enhancing its transparency. CEO Alan Jay Weisberg expressed that this step aligns with their goal to become a fully reporting company, which may increase shareholder value as they aim for a Nasdaq listing.

Positive

• Filed Form 10 with the SEC to register shares, increasing transparency.
• Becoming a fully reporting company may drive shareholder value.
• Step towards Nasdaq listing indicates growth potential.

Negative

• None.

Miami, FL, Feb. 10, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Progressive Care Inc. (OTCQB: RXMD) (the “Company”), a personalized healthcare services and technology provider, today announced that it filed a Form 10 with the U.S. Securities and Exchange Commission (the “SEC”) to register its shares of common stock under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”).

The Form 10 will become effective on April 11, 2022, unless the Form 10 is withdrawn. Once effective, the Company will be fully reporting and required to file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in addition to complying with all other obligations under the Exchange Act.

Alan Jay Weisberg, Chairman and Chief Executive Officer of the Company, commented, “Filing a Form 10 allows the Company to continue moving towards accomplishing its goals of becoming a fully reporting company under the Exchange Act rules. We believe this action taken by the Company will increase transparency and help drive shareholder value. We remain steadfast in our plans to becoming listed on Nasdaq.”

Progressive Care Inc.

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.

For more information about Progressive Care, please visit the company’s website.

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Forward-Looking Statements:

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

Investor Relations Contact:

ClearThink Capital

nyc@clearthink.capital

FAQ

What is the significance of Progressive Care Inc.'s Form 10 filing?

The filing registers RXMD's common stock, allowing it to transition to a fully reporting company, enhancing transparency and regulatory compliance.

When will the Form 10 for RXMD become effective?

The Form 10 will become effective on April 11, 2022, unless it is withdrawn.

How will becoming a fully reporting company affect RXMD?

It will require RXMD to file regular reports including 10-K, 10-Q, and 8-K, which may increase transparency and potentially enhance shareholder value.

What are the future plans for Progressive Care Inc. following the Form 10 filing?

The Company aims to become listed on Nasdaq, indicating a strategic move towards growth and improved market visibility.