Replies to post #154667 on Progressive Care Inc (RXMD)

[MrMike241]

I used to defend on Y! I've been posting only on Telegram for RXMD, and it's not all positive cheerleading. That is still my plan, but it's driving me crazy that last week TrackDude pointed out the following, and the misinformation FUD continues. Are we wrong that Armen DOES NOT control 51% of the vote?:

From page 4 of the proxy, it sounds like both of these need to be true for a pass:
(formatted and numbered for clarity)

"If a quorum is present,

1. a majority of the outstanding common stock as of the record date

AND

2. a majority of the voting power of the common stock AND preferred stock as of the record date voting together as a single class.
"

The way that is worded, it sounds like the intent is to give the common shareholders the power to approve, but only if the preferred shareholders also approve.

Armen does NOT own 51% of the vote. He owns 51 preferred shares, which is 100% of the preferred shares. It appears his power is limited to approving only when common shareholders approve, but he can always deny, even if common shareholders approve.