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Moe, I've been right about almost everything I've posted on RNVA. I can't tell you so much about when the market moves, except that the market will move on value sooner or later.
RNVA is concentrating on "rapid expansion of its core business (CAH)" and is more than happy to take $500,000 and let Myrtle Recovery Centers pay for beds at its current facilities and future ones.
Keep in mind RNVA still gets revenue derived from Myrtle Recovery inpatient services. I think INQR may be getting some revenue from outpatient too, don't know for sure.
"In the second agreement, equity in Rennova Community Health, Inc., which owns and manages Scott County Community Hospital, Inc. (d/b/a Big South Fork Medical Center), a critical access hospital, will be exchanged for $20 million of convertible preferred stock to be designated."
Fourth line, first paragraph: https://archive.fast-edgar.com/20240613/AA2Z622CLZ2249A222JG2ZY2COQEZ222OQ62/
FOXO is buying in at a P/E of 20/1 or better. We'll see where the OS lands, but this development should finally get us out of trips. Why people would buy FOXO and not RNVA today is beyond me, but it should be the other way around.
In other words, FOXO set the value of RNVA at over $100 million!
Basically, FOXO bought up to 19.99%, so RNVA still controls all its businesses and assets (Big South Fork, Myrtle Recovery, INQR equity, closed facilities, etc.). That's how I read it.
Wow. This deal totally cures the RNVA balance sheet.
$5.2 million in 2023 earnings. I rest my case.
The 2021 changes that tightened up SEC compliance on OTC exchanges caused a whole bunch of mandatory reviews to come due all at once this year. A filings review is required at least once every three years. The SEC bit off a bit more than it could chew.
RNVA's filings are among the least messy I have seen in OTC, but they are also among the more complicated ones. The CEO keeps good books. Patience indeed. The green light will come with a bang.
Suddenly and surely.
Registration statement, boom. 10-K, boom. 10-Q, boom.
You don't understand common share equivalency. That much is clear. The 400 billion common share equivalency of the preferred shares that recently expired went right by you, not to mention the buybacks.
You don't understand ethics, do you?
My best guess is something was referred to the SEC Chief Accountant's Office. Somebody posted a link awhile back that said the SEC only has 40 auditors for all the OTC.
Neither the SEC nor the company can say anything until the process is complete.
Hang in there folks. One thing about bureaucrats, eventually the desire to clear this off their desks will prevail. The good part, the SEC's registration statement will be a three year green light for RNVA, and two monster earnings reports hit all at once. I believe RNVA will clear the process.
https://www.sec.gov/divisions/corpfin/cffilingreview
Yep, the opening nonsequential trade volume does not show on my volume chart.
I added a few shares on a whim. It just seemed like a good time.
The update with the share buyback schedule suggests RNVA will beat that estimate handily.
Big opening coming Monday?
You don't understand common share equivilency. Comments like that make you look stupid.
Uber is uber out of date.
https://www.sec.gov/ix?doc=/Archives/edgar/data/931059/000149315224011342/form8-k.htm
Excess money in large caps and major exchanges due to shift microcaps and OTC value. Health care a good target for some sector shifting too. RNVA is a strong value. Doesn't belong in 000s, never did.
Not unsusal at all. I have seen the SEC review process kick in a number of times for OTCs over last 20+ years, often delaying the date an a 10-K filing is posted. Companies earnest about compliance come out fine.
https://www.sec.gov/divisions/corpfin/cffilingreview
All is well. Strap in. The fun part is about to be unleashed.
Keep your eye on the ball. Insider manipulation was the driver of almost all subpenny stock runs in the past. That ended September '21. Now, the OTC market has to consider the fundamentals, not just technical trading. That is a good thing, in fact the best thing, for RNVA after being oversold and artificially diluted by disproportionate short selling. The PE under 2 speaks for itself. The PE will be closer to 1 in this annual report. If you are an investor in RNVA, you are aruing against yourself. RNVA is poised to break out of the 000s and become the only game in town for technical traders.
You may have also noticed the current SEC compliant OTCBBs are down to mostly companies with low overhead and, therefore, really simple quarterly reports. I'm sure the SEC is aware of the compliance burdens of a company like RNVA, recovering and gradually shedding past baggage. Just a review. I really think the annual report will set RNVA loose.
Yes they do. Read the link. The difference is that being a pink sheet means with the review, flagged for whatever reason or however frequently, the listing status is on the line by definition. Granted, filing late didn't help, but RNVA's filings are better than most on the OTC. Should clear review without much falderal.
Every company gets a filing(s) flagged at least once every three years:
https://www.sec.gov/divisions/corpfin/cffilingreview
Happens all the time. Hell, the 10-K was probably too good for the SEC regululator to believe it is true. LOL
Did you just say you have been buying while all the time you have been talking it down?
A lot of crap being cleaned up in the ongoing financial restructuring, but that makes for a damned complicated annual audit. Don't know, of course, but I would bet the 10-K is on the desk of some SEC regulator asking the CEO or the auditor to explain some obscure line in the 10-K or the audit report.
How do you know it hasn't been filed?
Last year the NT 10-K was filed on March 31, the due date, but the 10-K didn't post until April 17, a Wednesday. The original due date this year was April 1, so it should clear anytime now. The SEC has been scrubing annual reports more thoroughly than in days gone by. No sweat.
Dude, get a f-ing perspective. RNVA does not have the resources of a Fortune 500 company. SEC filings are disproportionately expensive and burdensome for microcaps. That's a common issue.
Have you ever done a $20 million financial audit?
I've seen 10-Ks filed on time but held up by something on the SEC checklist before posted. The financial restructuring (debt and preferred shares) is pretty complicated, but RNVA filings have been very detailed and very thorough. I can't imagine they let it slip.
Might have been wrong about that. It may be that the common shares repurchased upon issuance never show in the market volume because both buyer (the company) and seller are going through the transfer agent, meaning the shares exchange never go to a market maker. When the April 15 buyback is confirmed, we'll know no heavy insider selling is in the way of a breakout and the future .0001 buybacks won't affect the market volume or drag down the price, a good thing.