Is A Rally Coming? Progressive Care (OTCMKTS:RXMD) Says No to Reverse Stock Split

Progressive Care (OTCMKTS:RXMD) is coming back after the recent fall as the company announced the news on Thursday

Market Action

As of 1:20, RXMD stock was up 20.20% to $0.0720. The stock has seen a total volume of over 2.23 million shares traded hands -compared to its average volume of 2.59 million shares.  The stock opened at $0.0748 and moved in a very wide range of $0.0620 – 0.0757.

Progressive Care Cancels Reverse Stock Split

  • RXMD 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.

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