So everyone is trying to figure out when!!!
Here's my take.
From the AUG filing they have 20 days before any action can take place and that date is Sept 18, 2018. It also says the out limit is Sept 1, 2019, next year.
What no one remembers is when the CEO converted his debit into 250k of series J preferred, which gave him 54% voting power is that 12,000 to 1 series J voting right reverts to 1 for 1 on Oct 1, 2018.
So if the CEO wants his decision on restructuring to be his alone. That decision must be between Sept 18, 2018 and Oct 1, 2018. When he loses 54% voting rights power.
SO there is NOT lots of time !!!! IMO
7/24/2018 8k
Item1.01. Entry into a Material Definitive Agreement.
OnJuly 20, 2018, Rennova Health, Inc. (the “Company”) filed a Certificate of Designation with the Secretary of Stateof the State of Delaware to authorize the issuance of up to 250,000 shares of Series J Convertible Preferred Stock (the “PreferredStock”). On July 23, 2018, the Company entered into an Exchange Agreement (the “Agreement”) with Alcimede LLC(“Alcimede”), of which Seamus Lagan, our Chief Executive Officer, is the sole manager. Pursuant to the Agreement,the Company issued to Alcimede 250,000 shares of the Preferred Stock in exchange for the cancellation of the outstanding principaland interest owed by the Company to Alcimede under the Note, dated February 5, 2015, and the cancellation of certain amounts owedby the Company to Alcimede under the Consulting Agreement between the parties. The total amount of consideration paid by Alcimedeto the Company equaled $250,000. The following is a summary of certain terms of the Preferred Stock.
General .The Company’s Board of Directors has designated 250,000 shares of the 5,000,000 authorized shares of preferred stock asthe Preferred Stock. Each share of the Preferred Stock has a stated value of $1.00.
VotingRights . Each holder of the Preferred Stock shall be entitled to vote on all matters submitted to a vote of the holders ofthe Company’s common stock. With respect to a vote of stockholders, no later than September 30, 2018 only, to approve eitheror both of a reverse stock split of the Company’s common stock and an increase in the authorized shares of common stockfrom three billion shares to up to 10 billion shares, each share of the Preferred Stock shall be entitled to the wholenumber of votes equal to 12,000 shares of common stock. With respect to all other matters, and from and after October 1, 2018,each share of the Preferred Stock shall be entitled to the whole number of votes equal to the number of shares of common stockinto which it is then convertible. The Preferred Stock shall vote with the common stock as if they were a single class of securities.
