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$RXMD - Progressive Care Cancels Reverse Stock Split
BY GlobeNewswire
— 7:00 AM ET 05/27/2021
MIAMI, FL, May 27, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Progressive Care Inc. ( RXMD
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) (“Progressive Care” or the “Company”), a personalized healthcare services and technology company, announces that the Company’s board of directors (the “Board”) has decided not to move forward with the reverse stock split previously authorized by the Company’s stockholders in December of 2020.

The Company had intended to effect such reverse stock split in connection with listing on a national stock exchange and enable the company to raise funds to finance growth as well as facilitate higher levels of institutional ownership where investment policies prohibit investments in lower priced securities. While the Company is continuing its work towards becoming an SEC-reporting issuer and being listed on a national exchange, given the market conditions and timing, the Board has determined that it was not the appropriate time to conduct a reverse stock split.

"When we were asking our shareholders to approve the reverse stock split, it was on the understanding that the market conditions would need to be right, and such reverse stock split would allow us to list on a national exchange. Given present market conditions and the pending expiration of the Board’s authority to approve such reverse stock split, we believe this is not the right time. Nevertheless, we will continue our focus on completing our uplist to a national exchange and execution of our business plan,” said Alan Jay Weisberg, CEO and Chairman of Progressive Care ( RXMD
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).

For more information about Progressive Care ( RXMD
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), please visit the company’s website. Connect and stay in touch with us on social media:

Progressive Care Inc. ( RXMD
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)

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