Rennova Health Inc (OTCMKTS:RNVAD) Highly volatile since healthcare provider completed 10,000-to-1 reverse stock split

Rennova Health Inc (OTCMKTS:RNVA) had a wild first day of trading since March 15 10,000 for 1 reverse stock split. Opening at $0.3395 RNVAD hit a low of $0.051 before rallying higher in afternoon trading to close over a dime. As a result of the Share Consolidation, the 9th share consolidation the Company has completed to date, all 10,000 issued and outstanding common shares of RNVA have been consolidated into 1 issued and outstanding share. Based on the number of shares outstanding as of March 9, 2022, the reverse stock split will reduce the number of common shares of the Company outstanding from approximately 44 billion shares before the reverse split to approximately 4.4 million after the reverse split. RNVA had some major sales recently bringing in $1,010,245 of revenue for the 3 months ended September 30, 2021. Although the company has $7 million in “investments” and $9 million in “property, plant and equipment”, it has $57 million in liabilities.

On March 16, the company raised $1 million via the closing of its equity offering of 1,100 Series P Convertible Redeemable Preferred Shares. The offering was in accordance with the terms of the previously announced securities purchase agreement , dated January 31, 2022 between the Company and certain existing institutional investors of the Company as set forth in the 8k. With only 4.4 million shares outstanding, RNVAD stands out in small caps and currently has a considerable number of investors watching the stock, as evidenced by the March 16 move from $0.339 to $0.051, then back up to $0.10. The next few days should be very volatile.

Rennova Health Inc. (OTCMKTS: RNVA) operating out of West Palm Beach, Florida, is a vertically integrated health care and services provider that provides advanced diagnostics and supporting software solutions to healthcare providers. The flagship of the Society; Jamestown Regional Medical Center is an 85 bed facility and is fully DNV accredited serving Jamestown and surrounding areas. The hospital offers a 24-hour emergency department, radiology department, surgery center, and wound care and hyperbaric center.

The Company’s activities originally focused on the development of diagnostic and healthcare software. In late 2016, the Company decided to pursue the opportunity to acquire and operate rural hospital clusters and is currently focused on implementing this business model. The Company now has one operating hospital, one hospital it plans to reopen and operate, one medical office in Tennessee and one rural clinic in Kentucky. As the business focus has shifted to rural hospital operations, the company has worked to separate its software entities into its own public company and plans to sell its latest clinical lab outside of its hospital labs, EPIC Reference Labs. , Inc., and as a result, the Software Entities and EPIC Reference Labs, Inc. businesses have been classified as held for sale and included in discontinued operations in the accompanying consolidated financial statements.

Microcapdaily published its first report on RNVA on April 17, 2021 stating at the time:RNVA is heating up in recent trading with major 6- and 7-digit buying ahead and Tuesday’s trading topping $8 million in volume on more than 7 billion shares traded. RNVA is becoming an investor favorite and is currently among the most searched and talked about stocks in small cap stocks. Currently under strong accumulation, the RNVA has just made a powerful reversal after months of constant declines and seeks to make its way along the likes of Enzolytics or Tesoro and step into a whole new dimension – Tesoro has gone multi-dollar.

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In December, the company reported that its hospital, Scott County Community Hospital, Inc. (DBA Big South Fork) in Oneida, TN, had its application approved for designation as a Critical Access Hospital (CAH). by the Centers for Medicare and Medicaid Services (CMS). The effective date of the approval is retroactive to June 30, 2021.

CAH status means the hospital will be eligible for cost-based reimbursement from Medicare, which has the potential to increase revenue. The CAH has a number of advantages, including the fact that capital improvement costs are included as eligible costs to determine Medicare reimbursement. This special reimbursement from which CAHs benefit aims to improve their financial performance and thus maintain access to basic health care in rural areas by providing them with rural health networks and rural emergency medical services.

On March 16, RNVA(D) announced that effective 5:00 p.m. Eastern Time on March 15, 2022, the company completed a 1 for 10,000 stock split of its outstanding common shares. The common shares of the Company will open for trading on Wednesday, March 16, 2022, on a post-split basis and will trade under the symbol RNVAD for 20 days.

Pursuant to the Share Consolidation, each 10,000 common shares of the Corporation issued and outstanding at the Effective Time will be consolidated into one issued and outstanding share. Based on the number of shares outstanding as of March 9, 2022, the reverse stock split will reduce the number of common shares of the Company outstanding from approximately 44 billion shares before the reverse split to approximately 4.4 million after the reverse split.

The Company has retained the services of its transfer agent, Computershare, Inc., to act as exchange agent for the share consolidation. If necessary, Computershare will provide shareholders of record at the Effective Time with a Letter of Transmittal containing instructions for the exchange of their share certificates. The reverse stock split was approved by the directors of the Company on March 9, 2022, pursuant to a resolution passed with the written consent of the holders of the majority of the aggregate voting rights of the securities of the Company on December 15, 2021 .

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RNVAD had a crazy first day of trading since March 15 10,000 for 1 reverse stock split. Opening at $0.3395 RNVAD hit a low of $0.051 before rallying higher in afternoon trading to close over a dime. As a result of the Share Consolidation, the 9th share consolidation the Company has completed to date, all 10,000 issued and outstanding common shares of RNVA have been consolidated into 1 issued and outstanding share. Based on the number of shares outstanding as of March 9, 2022, the reverse stock split will reduce the number of common shares of the Company outstanding from approximately 44 billion shares before the reverse split to approximately 4.4 million after the reverse split. RNVA had some major sales recently bringing in $1,010,245 of revenue for the 3 months ended September 30, 2021. Although the company has $7 million in “investments” and $9 million in “property, plant and equipment”, it has $57 million in liabilities.On March 16, the company raised $1 million via the closing of its equity offering of 1,100 Series P Convertible Redeemable Preferred Shares. The offering was in accordance with the terms of the previously announced securities purchase agreement , dated January 31, 2022 between the Company and certain existing institutional investors of the Company as set forth in the 8k. With only 4.4 million shares outstanding, RNVAD stands out in small caps and currently has a considerable number of investors watching the stock, as evidenced by the March 16 move from $0.339 to $0.051, then back up to $0.10. The next few days should be very volatile. We’ll update the RNVAD when more details emerge, so make sure you’re subscribed to Microcapdaily so you know what’s going on with the RNVAD.

Disclosure: We do not hold any positions in RNVAD, long or short, and we have not been compensated for this article.

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