I finally figured out why Progressive Care put a 2/16/2022 debt payoff option in the settlement agreement that was released on 1/24. Although eventually they were not able to do this, it's worth a try, and for a very good reason.
Read my previous post, 2/14/2022 is a deadline for S-1 to go effective with the previous Q3 financial report if they chose to do so. Basically SEC has approved all the items in the S-1 and it could go effective any time they want before 2/14. The reason they didn't do this was because the stock price was not good enough for RS/uplist. The settlement agreement was announced on 1/24. The company had hoped if the stock price could have gone higher, then they would make S-1 effective on 2/14 and uplist on the same day to use the proceeds to pay off the convertible debt by 2/16 (2 extra days are required by Nasdaq rules), which could have saved them $100K. Armen didn't force this because he personally didn't want to do RS higher than 50:1.
Now, the 10K annual report will be released around 3/15. S-1 can then go effective anytime after that as long as the SP satisfies the company's hope. Let's all help them out and push this over 10 cents by the end of March so we can all benefit from the upcoming merger with a major health care provider with Progressive Care that will make the new company go nationwide as a Nasdaq company.
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