Replies to post #42065 on Rennova Health Inc (RNVA)

[sealskin123]

WEST PALM BEACH, Fla., May 04, 2018 (GLOBE NEWSWIRE) -- Rennova Health, Inc. (OTCQB: RNVA), (OTCQB: RNVAW) (“Rennova” or the “Company”), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers that recently announced the acquisition of its second Rural Hospital, today announces that the Board of Directors is withdrawing the request to approve a reverse stock split at its Special Meeting of Stockholders on May 9, 2018 at 11:00 a.m. Eastern time at the offices of Shutts & Bowen LLP, 525 Okeechobee Boulevard, Suite 1100, West Palm Beach, FL 33401.

“Following communication with our shareholders and our intention not to complete a reverse split of our common shares in the immediate future it was decided to remove the request to approve this action at the discretion of the Board as was described in our proxy statement” stated Seamus Lagan, President and Chief Executive Officer of Rennova, adding “Stockholder approval of the proposed increase in authorized common shares is both necessary and critical for the company going forward and it is our hope that our shareholders recognize this necessity and vote “for” and approve the remaining proposals now that the reverse split proposal has been removed. Without approval of the remaining proposals our plans to increase shareholder value going forward will be severely restricted”

The Rennova Health, Inc. Board of Directors unanimously recommends that shareholders vote in favor of the following proposals at the upcoming special meeting:

To approve an amendment to our certificate of incorporation, as amended, to increase the number of authorized shares of our common stock from 500,000,000 to 3,000,000,000 shares;
To approve the Company’s new 2018 Incentive Award Plan; and
To authorize an adjournment of the Special Meeting, if necessary, if a quorum is present, to solicit additional proxies if there are not sufficient votes in favor of the proposals to increase the authorized common stock and approve the 2018 Incentive Award Plan.