Progressive Care, Inc. Progressive Care, Inc. Announces Reverse Stock Split. Will Trade under Temporary Symbol RXMDD
Miami, FL — December 30, 2022 (GLOBE NEWSWIRE — via NewMediaWire — Progressive Care Inc.
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 approved a change to the authorized common stock share from one billion (1,00,000,000) to one hundred millions (100,000,000).
“We are happy to announce the reverse stock split because we believe it’s in the best interests of our shareholders. It will also help Progressive Care attract institutional investors as we 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.
Every two hundred shares of Company’s common stock shares that are outstanding and issued will automatically convert into one common stock stock share at the start of trading on December 30.
Stockholders who hold shares in brokerage accounts will see their shares adjusted automatically to reflect the 1-for-20 reverse stock split. They do not have to take any action regarding the reverse stock split. Stockholders with shares in certificate format are not required to exchange existing stock certificates for Company stock certificates. However stockholders have the option of doing so if they choose.
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. In connection with the reverse split, no fractional shares will ever be issued. A reverse stock split will result in a fractional share being issued to stockholders. This fractional share will be added up to the closest 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. If your shares are in brokerage accounts, you can ask your broker any questions about the reverse stock split. ClearTrust, LLC, is the transfer agent for the Company. All stockholders who have their shares in certificated form may contact ClearTrust, LLC at 16540 Pointe Village Dr., Suite 205, Lutz, FL, 33558.
For more information about Progressive Care, please visit the Company’s website.
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Progressive Care Inc. is an OTCQB: RXMD, RXMDD, Florida’s health services provider. Through its subsidiaries, it also provides prescription pharmaceuticals and compounded medication, as well as tele-pharmacy service. The company sells anti-retroviral drugs and manages medication therapy (MTM), which includes the supply of prescription medicines to long-term care facilities.
Forward-Looking Statements: Cautionary Statement
Forward-looking statements, which are not based on historical or current facts, are contained in this document. These forward-looking statements fall within the scope of Section 27A of Securities Act of 33 and Section 21E of Securities Exchange Act of 34. 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.
Contact Public Relations:
Carlos Rangel
[email protected]
