Progressive Care Inc (RXMD)

[MoneyForNuthin]

Right, well the statement that you quoted is exactly a 100% true statement:

"Neither I nor the Company’s Board of Directors can initiate a reverse split of the Company’s common shares. This is a decision that must be discussed and voted on by the shareholders. There may come a time when this decision will be necessary, however, it is not currently being contemplated nor is it in the management’s sole authority to execute."

Management does not have the power to execute those corporate actions - it must be taken to a vote among all voting shareholders, there must be a Quorum to count/approve the vote/result, and there must be a majority voting FOR vs AGAINST. And once again, it only takes us further to the point that the company wishes to be transparent and to include common shareholders.

In ANY case, a quorum is required to execute a vote on a measure. So of course, the supervoting preferreds must always vote. (if anyone is not sure what "supervoting" means, well it's just exactly what it sounds like - if those shares don't vote, there could NOT POSSIBLY be a quorum)

But let's be truly transparent here. In the link you provided for the conference call discussing the year-ago vote, then-CEO Shital Mars laid it all out very clearly. I've transcribed the recording from about 2:00 to 3:15 for convenience:

"To BEGIN, Let's talk about the voting measure... we put that up for a vote to all of the shareholders, it includes all of the common, it does include the supervoting preferred as well. To vote on this measure the majority of the voting shares outstanding was needed to have quorum, and to approve the vote. ...nearly half of the common shares outstanding did vote, and the supervoting preferred did vote, and I will be revealing the results of that."

"I WANT to talk about WHY we have this voting measure on the table for all of our shareholders, and why we felt it was necessary to put it to our shareholders. Because we are one of the few companies - especially on the OTC Markets - that believes in transparency, believes our shareholders should have a say, and believes that it is important that they participate in the big decision-making of this company."

https://www.smallcapvoice.com/progressive-care-conference-call-for-q3-2019-rxmd/