Rennova Health Inc (RNVA)

[T-Hawk]

Ugh....

Proposal 1 : To approve an amendment to our Certificate of Incorporation, as amended, to effect a reverse stock split of all of the outstanding shares of our common stock, at a specific ratio from 1-for-100 to 1-for-10,000, and to grant authorization to our Board of Directors to determine, in its discretion, the specific ratio and timing of the reverse split any time before September 30, 2019, subject to the Board of Directors’ discretion to abandon such amendment.



The stockholder approval of the above proposal will not be effective until 20 days after an information statement that has been filed with the Securities and Exchange Commission is mailed to the holders of our common stock, Series F Preferred Stock and Series J Preferred Stock. The above proposal is separate from, and in addition to, the authorization of a reverse split of our common stock at a specific ratio from 1-for-200 to 1-for-500 previously approved by our Board of Directors and stockholders on August 21, 2018 and August 22, 2018, respectively. The stockholder approval of that proposal became effective on September 18, 2018.

If I understand this correctly, the Board can do a 1-for-500 split AND a 1-for-10,000 split if it so chooses.

The only reason a 1-for-10,000 is needed is if Seamus knows he won't be able to pump this thing up to a reasonable level that would allow a 1-for-500 reverse split to price the stock at a NASDAQ level price.

My guess is they don't anticipate the next 10-Q will look so hot. Anybody buying more at this point is a fool.