Progressive Care Inc. Announces Results of Special Meeting
Progressive Care Inc. held a Special Meeting on December 3, 2021, where stockholders approved three major proposals. Proposal 1 allows for a reverse stock split between 1-for-10 and 1-for-250, aimed at better positioning the company for Nasdaq listing. Proposal 2 reduces authorized common stock from 1 billion to 100 million shares, contingent on Proposal 1's approval. Proposal 3 permits adjournment to solicit further votes if needed. CEO Alan Jay Weisberg emphasized shareholder trust in the company’s future and commitment to enhancing shareholder value.
- Approval of reverse stock split, potentially improving share value and market positioning.
- Reduction of authorized shares aims to enhance stock price stability.
- Gaining shareholder approval aligns with the company's strategy for Nasdaq listing.
- None.
MIAMI, FLORIDA, Dec. 09, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- On December 3, 2021, Progressive Care Inc. (the “Company” or “Progressive Care”) held a special meeting of its stockholders (the “Special Meeting”). The record date for stockholders entitled to notice of, and to vote at, the Special Meeting was November 3, 2021. At the close of business on that date, the Company had 535,430,294 shares of common stock, par value
1. To approve an amendment to the Company’s Certificate of Incorporation to effect, on or before February 16, 2023, a reverse split of the Company’s issued and outstanding common stock at a ratio of between 1-for-10 to 1-for-250 if and when and at such ratio as may be determined by the Company’s Board of Directors (“Proposal 1”);
2. To approve an amendment to the Company’s Certificate of Incorporation, if and only if Proposal No. 1 is both approved and implemented, to change the number of authorized shares of the Company’s common stock from 1 billion (1,000,000,000) to 100 million (100,000,000) (“Proposal 2”); and
3. To approve the adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the foregoing proposals. (“Proposal 3”).
The final voting results were as follows:
Proposal 1
The Company’s stockholders approved Proposal 1. 259,216,375 shares of Common Stock and 51 shares of Preferred Stock voted in favor of approval of the resolution, 88,388,079 shares of Common Stock and 0 shares of Preferred Stock voted against approval of the resolution, and 5,318,354 shares of Common Stock and 0 shares of Preferred Stock abstained from voting for the approval of the resolution.
Proposal 2
The Company’s stockholders approved Proposal 2. 183,520,010 shares of Common Stock and 51 shares of Preferred Stock voted in favor of approval of the resolution, 53,039,600 shares of Common Stock and 0 shares of Preferred Stock have voted against approval of the resolution, and 10,111,762 shares of Common Stock and 0 shares of Preferred Stock have abstained from voting for the approval of the resolution.
Proposal 3
The Company’s stockholders approved Proposal 3. 284,433,452 shares of Common Stock and 51 shares of Preferred Stock have been voted in favor of approval of the resolution, 57,690,777 shares of Common Stock and 0 shares of Preferred Stock have voted against approval of the resolution, and 10,789,181 shares of Common Stock and 0 shares of Preferred Stock have abstained from voting for the approval of the resolution.
Mr. Alan Jay Weisberg, CEO, and Chairman of the Board, said, “I would like to express my appreciation to our shareholders for trusting the Company’s Board and voting to approve the Company’s recommendations. This vote will allow the Company to continue moving towards accomplishing its goals of becoming a fully reporting company under the SEC’s Exchange Act rules and becoming listed on Nasdaq. I want to assure every one of our shareholders that we plan to carry on with our mission of redefining healthcare, improving our financial position, and driving shareholder value.”
For more information about Progressive Care, please visit the company’s website. Connect and stay in touch with us on social media:
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About Progressive Care:
Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of Third-Party Administration (TPA), data management, COVID-19 related diagnostics and vaccinations, 340B contracted pharmacy services, 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
FAQ
What was decided in the Progressive Care Inc. Special Meeting on December 3, 2021?
What is the significance of the reverse stock split approved by RXMD?
How will the authorized share reduction impact RXMD shareholders?
