Progressive Care Inc (RXMD)

[Wangenstein]

So, let me see if I understand your post: Midam didn't illegally dump their shares, but if it was illegal, it was only 1 million shares? LOL! Well, fortunately for RXMD's shareholders, the law doesn't take such a blase attitude towards illegal behavior. Unfortunately for Midam, they did a lot more than that...

Warning: Here be facts!

Midam is contractually barred from selling more than 50,000 shares of Progressive common stock per day. On account of Midam's breaches of contract, Progressive has filed a civil action against Midam for breach of contract, seeking damages and a temporary injunction against further sales in excess of Midam's contractual limitations.

In connection with Midam's engagement as Progressive's IR consultant, Progressive issued Midam shares 20,000,000 shares in 2015 and 3,000,000 shares in October 2016. Under federal law, these shares were restricted from open-market sales for 1 year from issuance. As of February 8, 2017, Midam held 10,000,000 unsold shares from the 2015 issuance, which were no longer subject to the 1-year sales restriction. The 3,000,000 shares are still restricted.

The October 2016 written agreement between Midam and Progressive forbids Midam from selling more than 50,000 Progressive shares per day. That contractual prohibition applies to of all shares issued to Midam, including the shares issued to Midam in 2015.

Thus, Midam's sale of 1,000,000 shares on February 13, 2017, and any sales the prior week in excess of 50,000 per day were barred covered by this contractual limitation.

So, if Midam illegally dumped their tens of millions of shares (and they did), and in so doing set off a wave of selling from nervous stockholders, then not only does the current share price have nothing to do with RXMD's amazing fundamentals (such as the fact that they're on-track to meet or exceed their $22 million revenue goal for 2017), but they will hopefully also be made to repurchase those shares and carry out their contractual obligation to sell no more than 50,000 per day.

RXMD continues to be a bargain, and will likely remain so until their move to OTCQB brings in a new pool of long-term investors. (And that's without any M&A news, too.) OTCQB will bring new all-time share price highs, and we'll never see RXMD prices this low again.

RXMD! :)