Progressive Care, Inc. Announces Reverse Stock Split and Will Trade Under Temporary Symbol RXMDD
30 Décembre 2022 - 4:01PM
InvestorsHub NewsWire
Miami, FL -- December 30 2022 -- InvestorsHub NewsWire --
Progressive Care Inc. (OTCQB:
RXMD and RXMDD):
Open web
version
Progressive Care Inc. (OTCQB:
RXMD and RXMDD) (“Progressive Care” or the “Company”), a
personalized healthcare services and technology company, announced
today that its Board of Directors approved a 1-for-200 reverse
stock split of its common stock shares and that the common stock
shares will begin trading on a split-adjusted basis at the
commencement of trading on December 30, 2022. The common stock
shares will trade on the OTCQB markets under the symbol “RXMDD”.
After 20 days, the symbol will revert to “RXMD”. The Board of
Directors also approved a change in the authorized common stock
shares from one billion (1,000,000,000) to one hundred million
(100,000,000) common stock shares.
"We are pleased to announce this reverse stock split as we
believe it is in the best interest of our shareholders and will
help Progressive Care to attract institutional investors as we
continue to grow. The reverse stock split changes the price per
share and number of shares outstanding but has no effect on the
operations of our company nor its size and growth potential,”
stated Charles M. Fernandez, Chief Executive Officer of Progressive
Care, Inc.
At the commencement of trading on December 30, every two hundred
shares of the Company's issued and outstanding common stock shares
will be automatically converted into one issued and outstanding
common stock share.
Stockholders holding shares through a brokerage account will
have their shares automatically adjusted to reflect the 1-for-200
reverse stock split and do not need to take any action in
connection with the reverse stock split. It is not necessary for
stockholders holding shares in certificate form to exchange their
existing stock certificates for new stock certificates of the
Company in connection with the reverse stock split, although
stockholders may do so if they wish.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in
Progressive Care’s equity, except to the extent that the reverse
stock split would result in a stockholder owning a fractional
share. No fractional shares will be issued in connection with the
reverse stock split. Any fractional share of a stockholder
resulting from the reverse stock split will be rounded up to the
nearest whole common stock share.
Proportional adjustments will be made to the number of common
stock shares issuable upon exercise or conversion of Progressive
Care’s outstanding equity awards, warrants or other convertible
securities, as well as the applicable exercise or conversion price.
Stockholders whose shares are held in brokerage accounts should
direct any questions concerning the reverse stock split to their
broker. All stockholders of record, holding their shares in
certificated form, may direct questions to the Company's transfer
agent, ClearTrust, LLC, at 16540 Pointe Village Dr., Suite 205,
Lutz, FL 33558.
For more information about Progressive Care, please visit the
Company’s website.
Connect and stay in touch with us on social media:
Progressive Care Inc.
Progressivecareus.com
PharmcoRx Pharmacy
Pharmcorx.com
ClearmetrX
Clearmetrx.com
About Progressive Care
Progressive Care Inc. (OTCQB:
RXMD and RXMDD), 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 Statement Regarding 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.
These statements include but are not limited to statements
regarding departure of the company’s CEO. 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
Progressive Care (QB) (USOTC:RXMD)
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