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RNVA inherently meets all the minimums for revenue, assets, etc.. It's coming down to SEC and NYSE approval of the audited financials. RNVA has all the bases covered with that note, can do anything the CEO wants with it (take payments, convert, recall). Getting there: https://archive.fast-edgar.com/20240920/AV2YM22CZW2RUTMZ2A2G2ZY2I5GSZZ22Z262/
FOXO needs a minimum stock price of $3 AND RNVA's financials to meet NYSE AMEX listing requirements. Lot's more to come.
Rennova Health, Inc. (RNVA) is for now the holding company with controlling voting interest on the FOXO board of directors and a $22 million note to FOXO for the full value of Rennova Community Health, Inc., Myrtle Recovery Centers, Inc., and FOXO Labs, Inc.. There is no reason for RNVA shareholders to buy FOXO shares. FOXO still has a RS coming. Meanwhile, RNVA will be completing a major corporate equity buyback (in progress) with FOXO earnings. You don't understand this.
As CEO, my corporate equity would all be in RNVA just like Lagan's. "Shares are owned by Rennova Health, Inc. ("Rennova"). Seamus Lagan is Chief Executive Officer and President and a Director of Rennova. Mr. Lagan disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein." (FOXO Form 3) I think Lagan is thinking what I'm thinking.
Filter, I keep thinking about what I would do if I were the CEO. My priority as far as the timeline goes would be to complete those buybacks at .0001, or possibly the FOXO price equivalent. I would also resist converting any of those stock warrants to FOXO shares with the (formerly preferred) shareholders free to sell at any price. That would let them off the hook, though they would at least have to wait 90 days before selling. RNVA directs the interim CEO and controls the financial management and capital development of FOXO. I'm content with that for now, though I am closely watching for what comes next.
Confirm what? RNVA's controlling ownership is all in the share exchange agreements and filings since. RNVA is the principal owner/investor in FOXO and has taken its seats on the board. If the interim CEO doesn't cooperate - and why wouldn't he since RNVA is keeping hopes of an eventual return on FOXO patents alive - RNVA could just call in the note and take the company back, FOXO interests included. More to come, but no need to sweat it either Jay.
I've been in some similar runs. Sold too soon on most, but I did too well for regret. A PE of just 15-25 will be sweet for RNVA shareholders.
I never claimed to know when, but I was right about the earnings before there were any earnings. Righteous speculation. Just going on experience. One way or the other, the market eventually rewards value investments. RNVA is not the first OTC stock I have held for a few years before the inevitable breakout. Insider trading drove some, but the value was the reason. RNVA is going to pay out big. It just will.
I still think in a better (but not necessarily red hot) OTC market, RNVA would have tested the high 000s at worst but would have never gotten cellar boxed at .0001. More speculation on CAH revenues would have come in. I also still believe value always pays eventually.
Also, new SEC rules have kept insiders from driving those big OTC stock runs too, and most were really driven by insiders though the street would come in on them. High interest rates haven't helped either - tight money. A perfect storm really.
The good thing about market conditions is they always change. The .50 Fed rate cut (finally) is a good start.
I would think the FOXO principals have seen the audited numbers subject to SEC review of the draft audit report. It will be final when Lagan is sure it will pass SEC review. The schedule ahead may also involve completing as many of those corporate equity buybacks as possible in the process. Lagan represents RNVA shareholders on the FOXO board. He knows what he is doing.
Always interested in how you feel. Worst case scenario is RNVA remains as a (low liability, low overhead) holding company in control of FOXO earnings and capital development. In that case, RNVA will have to bring its filings current. RNVA shareholders are invested in FOXO. RNVA has overwhelming, if not total control, of all voting shares in FOXO. The SEC is not in the business of creating shell companies. Give it a rest, and maybe you'll feel better.
A really good bourbon would be more my taste.
Call it an educated guess. Lots of strong hints though. Another example, FOXO brings $2.5 million in financing to the table under the share exchange agreement. INQR happens to owe RNVA $2.5 million.
All will play out in due time. Don't hold me to the specifics, but it appears the core business of the old FOXO Technologies, Inc. is being divvied off as FOXO Labs, Inc., a wholly owned subsidiary like Myrtle Recovery Centers, Inc..
Then comes a merger of RNVA and FOXO as a NYSE AMEX listed company, possibly with a symbol change from FOXO to something better representing Rennova Health, Inc..
An INQR merger could also be in the works, which would combine FOXO Labs, Inc. and Innovaqur, Inc. operations. Does that then spin off as a publicly traded subsidiary? Hard to guess.
Did you notice the new entity FOXO Labs, Inc. (not FOXO Technologies, Inc.)?
RNVA (Rennova Health, Inc.) now has effective control of FOXO (Rennova Community Health, Inc., Myrtle Recovery Centers, Inc., and FOXO Labs, Inc.). Next step, new SEC registration statements for RNVA, FOXO, and possibly INQR. The RNVA audit was obviously okay with FOXO. Now it's a matter of SEC approval of RNVA's financial structure, subsidiary relationships, and required reporting.
Man, RNVA was oversold, artificially diluted, and cellar boxed by a bear OTC market. The current PE has proven that out. You can count on a 1000-2000% gain or better from .0001.
. 00055 = a PE of 1.07. My price target still set in the 20 to 25 PE range.
Yep, and completing its own proxy material to satisfy NYSE AMEX listing requirements and assure the SEC that we the RNVA shareholders get the value due to us. Dingbatt doesn't get that.
RNVA secured effective control of FOXO as its principal insider investor by making the RNVA's share value an (interim) loan and securing its controlling positions on the FOXO board, gaining another $2 million in FOXO equity in the process. It appears RNVA is working the timeline to get as many of those stock warrants under the existing insider trading plan/prospectus squared away as possible on closing.
And RNVA (Lagan and Langley) now control the FOXO board. Running the bases. Boom time soon.
I don't know the particulars of the Canadian health care system, but you may have some insight this. The delay in Medicare reimbursements triggered the claw back by the major providers. If Medicare doesn't pay, the providers don't get paid. The fact that the providers have the power to claw back those funds adds insult to injury. That episode, in my view, pretty well illustrates what's wrong with the U.S. health care system.
Private ownership and/or management of hospitals has proven to be more efficient and provide better service than nonprofit and public models. VA hospitals, for example, are madhouses. The physicians earn their fees (while dealing with a lot of insurance paperwork), and hospital employees earn their pay. That's all capitalism that works. The CAH program addresses a relatively small market failure in that regard.
Dingbatt might not agree, but I think it's pretty obvious the U.S. needs a single payer system. Medicare has incredibly low overhead (4% last I read). Screw the health insurance lobby and their Medicare part C and D and gap coverage rackets. Hospitals ought to be allowed to concentrate on satisfying the requirements of just one provider.
Not dead, but not sustainable as is. InnovaQur and FOXO Technologies, one management, and the existing FOXO bringing $2.5 million to RNVA. Yes, the medical information technologies subsidiary will still be a bit speculative, but far more viable and efficient than before, and with operating costs just a fraction of RNVA earnings. All good.
Yes, but they owe the debt to RNVA.
The SEC would be happy to see the whole works cleaned up. The exchanges just want to make sure their listing requirements are met (price, revenues, reporting, listing fees, etc.). In the FOXO case, the NYSE AMEX specifically wants to be shown that the price can improve after a reverse split. A reverse split alone will not cut it with the exchange.
FOXO holds three patents and has four or five other patents pending. I really think INQR and the existing FOXO becomes one medical information technologies business eventually. Or maybe it's part of the restructuring already in the works. Either way, RNVA comes out of the other end as essentially a new company.
Wrong. FOXO drawing solid support around the .16 level.
FOXO has a RS in the works according to its Proxy statement on the RNVA deal.
It doesn't matter. The PE will be the same wherever the opening price is set. RNVA's 2023 PE is 0.83. My initial (personal) price target will be at a PE of 20 to 25. In other words, a 2000% to 2500% gain from the current RNVA price or the FOXO price upon the possible full merger. The dollar gain will be the same either way.
The FOXO deal stakes out up to $20 million in FOXO shares to RNVA shareholders IF a full merger is the ultimate plan. Otherwise, FOXO becomes a subsidiary RNVA with current FOXO shareholders accounting for well under 15% of the whole. We'll find out soon how it will be structured. Proxy materials and financial statements imminent.
Lagan needs to explain what happened. The FOXO deal prevents RNVA from accessing cash in usual ways for one, but no shit, not a good look. Interesting that the MetLife dispute corresponded with the audit, which I would bet turned up some overbillings that Rennova would have then claimed as a credit on that account. MetLife, being a GD insurance company, played hard ball. That's something I want to know more about.
It's a screw up that should never be allowed to happen again. If true, the Rennova Community Health CEO or Lagan himself needs to make some official statement to employees apologizing and committing to that. Unacceptable.
Looks so, but I would like to see confirmation from from a known source before I swallow it. No corporate logo, just a text message easily created or altered .
I don't envy Lagan. With FOXO bringing in $2.5 million of it's own financing, Lagan got a sweet (earnings neutral) deal. He saw a chance to pull Rennova Health, Inc. stock out of an OTC cellar box, an he went for it. I don't blame him, but I don't envy him. If true, I imagine Lagan is more unhappy with this than we are.
Assuming that is true (not planted misinformation like a lot of the stuff on Facebook), it is a concern but probably not a sign of anything to come. The FOXO agreements restrict (short-term) borrowing until the deal is completed, so any minor glitch in cash flow of two or three days (such as a delay in a batch of reimbursements from Medicare [CAH] or a major carrier) could not have been dealt with as normal. I also wonder if earnings have been going right into completing all or most of the corporate equity buybacks under the insider trading plan and prospectus as part of the RNVA/FOXO plan. I can see how cash flow would be tight enough at this particular moment for a snafu like that to occur.
I'm not in the "might or could" camp. I have been saying "will" ever since the revenue and earnings proved out my theory for investing in RNVA to begin with. RNVA was oversold, artificially diluted, and way undervalued due to OTC market conditions. Timing markets has always been a fools errand, but I can safely say the RNVA price WILL recover. Given where things stand now, I can also say with some confidence that I am expecting short-term gains in the 2000% range or better.