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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 or 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): August 21,
2023
Rennova
Health, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Delaware
(State
or Other Jurisdiction of Incorporation)
| 001-35141 |
|
68-0370244 |
| (Commission
File Number) |
|
(I.R.S.
Employer Identification No.) |
400
S. Australian Avenue, Suite 800, West Palm Beach,
Florida |
|
33401 |
| (Address
of Principal Executive Offices) |
|
(Zip
Code) |
| (561)
855-1626 |
| (Registrant’s
Telephone Number, Including Area Code) |
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered under Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
| None |
|
None |
|
None |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01. Regulation FD Disclosure
On
August 21, 2023, Rennova Health, Inc. (the “Company”) issued a press release announcing that Seamus Lagan, our Chief
Executive Officer, would be interviewed on Uptick Newswire’s “Stock Day” podcast with Kevin Davis. A copy of the
press release is attached hereto as Exhibit 99.1 and a transcript of the interview is attached hereto as Exhibit 99.2.
The
information furnished pursuant to this Item 7.01, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities
of that section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933,
as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item
9.01. Financial Statements and Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| Date:
August 21, 2023 |
RENNOVA
HEALTH, INC. |
| |
|
|
| |
By: |
/s/
Seamus Lagan |
| |
|
Seamus
Lagan |
| |
|
Chief
Executive Officer |
| |
|
(principal
executive officer) |
Exhibit
99.1
RENNOVA
HEALTH, INC. PROVIDES UPDATE AFTER FILING 2023 SECOND QUARTER FINANCIAL STATEMENTS
WEST
PALM BEACH, Fla. (August 21, 2023) – Rennova Health, Inc. (OTC: RNVA) Chief Executive Officer Seamus Lagan recently joined Stock
Day host Kevin Davis to provide an update after filing the 2023 second quarter financial statements and other information in its Form
10-Q with the SEC.
Davis
began the interview by congratulating Lagan on the opening of a mental and behavioral health facility at its hospital and filing the
Company’s second quarter 10-Q on time.
Davis
went on to ask about what he saw as a fabulous recovery in revenues and profits and asked Lagan if the revenues of over $11 million and
profits of over $2 million for the six months disclosed in the 10-Q was sustainable and further asked what the full year for 2023 might
look like.
Lagan
stated that he believed the revenues were sustainable and credited the management and employees with a continued focus on running an
efficient operation which he expects to remain profitable. He continued to explain that the additional services being provided, and consistent
patient volume, could mean revenues in excess of $20 million for 2023.
Davis
followed by asking about the expectation for revenues from the recently opened 30 bed facility at the hospital campus by the Myrtle Recovery
Centers, Inc. subsidiary, for alcohol and substance abuse services.
Lagan
stated that it was good to see the facility opened and repeated that he believed this business would fit well with hospital operations.
He went in to say that when operating at full potential this first facility for Myrtle should generate $4 - $5 million in profitable
revenues a year.
Davis
then mentioned the fast approaching year end and suggested that the Company could be leaving 2023 with annualized revenues in the $25-30
million range and be profitable. He asked Lagan how he intended to deliver continued growth and where he saw the Company a year from
now.
Lagan
responded that the current operations plus the behavioral health business should give the Company an annualized run rate of $25-30 million
by year end. He went on to remind Davis that there were still some items to be fixed from previous more difficult days but explained
the intention to formulate a plan before year end to duplicate the current model in the Jamestown facility in 2024, and stated that if
that was successful it would be possible to leave 2024 with annualized revenues of $50-60 million. He confirmed his belief that this
was achievable.
Davis
ended the interview by asking Lagan what message he would like the Company’s shareholders to take away from the interview. Lagan
responded by saying that he believed the Company was now delivering what it had hoped to deliver from work done over the past couple
of years and stated a belief that there will be continued success and growth over the next couple of years.
To
hear Seamus Lagan’s entire interview, follow the link to the podcast here:
https://audioboom.com/posts/8351331-rennova-health-inc-is-featured-on-the-stock-day-podcast
Investors
Hangout is a proud sponsor of “Stock Day,” and Stock Day Media encourages listeners to visit the company’s message
board at https://investorshangout.com/
About
Rennova Health, Inc.
Rennova
Health, Inc. (“Rennova,”) is a provider of health care services. The Company owns one operating hospital in Oneida, Tennessee
known as Big South Fork Medical Center, a hospital located in Jamestown, Tennessee that it plans to reopen, a rural clinic in Kentucky
and an alcohol and drug treatment facility operated by Myrtle Recovery Centers, Inc.
For
more information, please visit www.rennovahealth.com
Forward-Looking
Statements
This
press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely
on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements
involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional
information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and
Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as
of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions
to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on
which any such statement is based, except as required by law.
Contact:
Rennova
Health
561-855-1626
info@rennovahealth.com
Exhibit
99.2
Rennova
Health, Inc. (RNVA) Interview
CEO
Seamus Lagan on Uptick Newswire – August 2023
Speakers:
Kevin Davis and Seamus Lagan
Davis:
On today’s show, we’re bringing back a returning company. The name of the company is Rennova Health, Inc. They trade
on the OTC Exchange under the ticker symbol ‘RNVA’. With us today is the company’s CEO, Mr. Seamus Lagan. Seamus, welcome
back to the podcast.
Lagan:
Thanks, Kevin. I appreciate the opportunity to be here.
Davis:
Seamus, congratulations on opening your behavioral health division and also congratulations on filing your second quarter financials
on time. Let’s start with the financial statements. You have been consistent with your message that you could deliver a recovery
and these results clearly demonstrate the best quarter you have had in a long time. Revenue for the year to date is in excess of $11
million and you have already generated just over $2 million in profits. That is a fabulous recovery. Now, here is the blunt question.
Is it sustainable and what do you think the full year of 2023 will now look like?
Lagan:
Thank you, Kevin. We firmly believe that current revenues are sustainable and we’re hopeful that we can continue to grow the
current business with some additional services. The credit really must go to the management and the team of employees on the ground that
manage the daily operations. They have continued to provide an excellent service to patients and remain focused on improving efficiencies
across the board for us. With the recent addition of swing beds and an expectation for patient volume to remain at the current levels,
I expect 2023 revenues to surpass $20 million and for operations to remain profitable.
Davis:
Seamus, earlier in the week you announced that your subsidiary, Myrtle Recovery Centers, has now opened its first 30 patient facility
for alcohol and substance abuse services at your hospital campus. We have previously spoken about Myrtle but can you remind us about
why this works with your existing business, and can you also tell us about what revenues you expect from this business?
Lagan:
It is great to have this facility open Kevin. It is good to see it now accepting patients. The business fits well with the hospital
and it is a great use of space that we had available there. It will obviously take a few months to build the business to its full potential
but once we get there, this first facility should generate $4 to $5 million of profitable revenues a year. That is quite exciting
for us.
Davis:
The last few months of the year are fast approaching, and it sounds like you could be leaving 2023 with annualized revenues in the
$25 - $30 million range and be profitable. How do you plan to deliver continued growth in 2024 and where do you see this Company in another
year from now?
Lagan:
The current hospital and behavioral health business should give us a run rate of $25 to $30 million by year end as you suggest.
We still have some things to fix from our more difficult days but we intend to formulate a plan before the year end to duplicate the
current business model in our Jamestown property in 2024. Kevin, if we manage that and perhaps start with offering the behavioral health
service and then add the critical access hospital model, it is totally possible that we leave 2024 with annualized revenues in the $50
to $60 million range. That’s the current goal and we believe that is achievable.
Davis:
Folks, you’ve been listening to Seamus Lagan. He is the CEO of Rennova Health, Inc. They trade on the OTC Exchange under the
ticker symbol ‘RNVA’. Seamus, before we part ways for today, what do you want to leave your shareholders with as a message
from this interview?
Lagan:
Kevin, I think that once again we have predicted this. We have worked hard for the last couple of years and I think we are delivering
the results that we had hoped to deliver. I believe we can continue with this success and we can continue to grow this company, so I
look forward to the next year or two and delivering some value for our shareholders.
Davis:
Wonderful! Well we are definitely looking forward to getting updates from you in the future and can’t wait to talk to
you then.
Lagan:
Thank you very much, Kevin, appreciate it.
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