RENNOVA HEALTH, INC. ANNOUNCES REVERSE STOCK SPLIT
Rennova Health, Inc. (OTC: RNVA), today announced that effective at 5:00 pm, Eastern Time, on March 15, 2022 (the "Effective Time"), the Company will effect a 1 for 10,000 reverse stock split of its outstanding common stock. The Company's common stock will open for trading on Wednesday March 16, 2022, on a post-split basis.
As a result of the reverse stock split, every 10,000 shares of the Company's common stock issued and outstanding on the Effective Time will be consolidated into one issued and outstanding share, except to the extent that the reverse stock split results in any of the Company's stockholders owning a fractional share, which fractional share will be in that case paid in cash. In connection with the reverse stock split, there will be no change in the nominal par value per share of $0.0001.
Trading of the Company's common stock will continue, on a split-adjusted basis, with the opening of the markets on Wednesday March 16, 2022. Based on the number of shares currently outstanding on March 9, 2022, the reverse stock split will reduce the number of shares of the Company's common stock outstanding from approximately 44 billion pre-reverse split shares to approximately 4.4 million post-reverse split.
All outstanding preferred shares, stock options, warrants, and equity incentive plans immediately prior to the reverse stock split generally will be appropriately adjusted by dividing the number of shares of common stock into which the preferred shares, stock options, warrants and equity incentive plans are exercisable or convertible by 10,000 and multiplying the exercise or conversion price by 10,000, as a result of the reverse stock split.
The Company has retained its transfer agent, Computershare, Inc., to act as its exchange agent for the reverse stock split. As necessary, Computershare will provide stockholders of record as of the Effective Time a letter of transmittal providing instructions for the exchange of their stock certificates. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.
The reverse stock split was approved by the directors of the Company on March 9, 2022, pursuant to a resolution adopted by written consent of the holders of the majority of the total voting power of the Company's securities on December 15, 2021.
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