Progressive
Care Begins to Take Action to Combat Naked Short
Sellers
Miami, FL
-- April
17, 2018
-- InvestorsHub NewsWire -- Progressive Care Inc. (OTCQB:
RXMD),
a healthcare services and technology company,
announced that it
is beginning the process of combatting naked short selling of the
Company's stock.
The Company
has begun contacting broker/dealers, clearing firms, and regulatory
agencies regarding Regulation SHO
violations caused by naked short selling
of the Company's securities in the market. The Company is taking
the matter seriously and intends to work with regulators to ensure
the stability and integrity of the market.
The Company
also clarified the conversion rate for Chicago Venture Partners
(CVP). The facility provided by CVP allows for a bifurcated
derivative liability which denotes two scenarios for
conversion:
1)
If during the
previous 20 trading days prior to conversion
date the
Company's shares trade below $0.05 per
share, the Company converts at a
discount of the lowest bid price during that 20 day look-back
period.
2)
If during the previous 20
trading days prior to conversion
date the
Company's shares trade above $0.05 per share, the conversion price is a
fixed $0.05 per share.
Conversion
price is calculated based on date of conversion notice, not based
on date of funds received. Conversion notices have been delivered
to the Company in tranches and thus carry different conversion
dates and prices. Given current trading
patterns and already converted tranches, the Company estimates that
14.4 million shares in total will be issued to convert the current
draw down of funds from CVP. To date, 6.4 million
shares have been
issued, of which 2.4 million was converted below $0.05.
"The most important thing for
shareholders right now is the integrity of the marketplace for our
stock,"
stated S. Parikh Mars, CEO. "We are taking an active role
in reaching out to clearing firms and regulatory
agencies to make them aware of the
ongoing problem and to insist that action be taken to combat the
market manipulation caused by naked short
selling."
The CEO
reiterated "The Company is not currently contemplating a reverse
split or an additional draw down of funds from CVP." She also
stressed "Investors and shareholders should take a critical
look at the information being bandied
about online from unverified sources. If the information did not
come directly from myself, a Progressive Care platform, or a source
referencing in detail the content of directly released material,
then it should be viewed skeptically. My team and I take pride in
our transparency and believe that the information we put out about
the Company is both truthful and complete."
Get
connected and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCo, LLC
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
About
Progressive Care
Progressive
Care Inc. (OTCQB:RXMD),
through its PharmCo, LLC, is a South
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 the intended
terms of the offering, closing of the offering and use of any
proceeds from the offering. 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.
Contact
Armen
Karapetyan
Senior Advisor
Business Development
armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com