Progressive Care Cancels Reverse Stock Split
May 27 2021 - 7:21AM
InvestorsHub NewsWire
MIAMI, FL -- May 27, 2021 -- InvestorsHub NewsWire --
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.
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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https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
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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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