Rennova Health Inc (RNVA)

[Filterthenoise]

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 26, 2020, Christopher E. Diamantis resigned as a director of Rennova Health, Inc. (the “Company”). In submitting his resignation, Mr. Diamantis did not express any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Mr. Diamantis had served as a director since November 2, 2015 and previously served as a director of Medytox Solutions, Inc., a predecessor of the Company, from April 24, 2013 to November 5, 2015.

As a result of previously-announced payments Mr. Diamantis had made on behalf of the Company as well as additional advances, the Company owed Mr. Diamantis approximately $20.8 million as of December 31, 2019. The Company and Mr. Diamantis are currently negotiating the cancellation of such indebtedness in exchange for shares of a to be authorized class of preferred stock that would provide Mr. Diamantis with more than 50% of the voting power of the Company’s capital stock. The Board of Directors of the Company believes it would be in the best interests of the Company and its stockholders and has authorized the exchange, subject to final documentation. Since December 31, 2019, Mr. Diamantis has made further advances to the Company aggregating approximately $1.5 million.



https://www.otcmarkets.com/filing/html?id=13954841&guid=HjaCUKvGnZ4WN3h