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Sunday, September 25, 2022

Rennova Health Inc (OTCMKTS: RNVAD) Highly Volatile Since Health Care Provider Completed 10,000 for 1 Reverse Stock Split

Rennova Health Inc (OTCMKTS: RNVA) had a wild first day of trading since the March 15’s 10,000 for 1 reverse stock split. Opening at $0.3395 RNVAD hit a low of $0.051 before moving back up in afternoon trading to close over a dime. As a result of the reverse stock split, the 9th reverse stock split the Company has performed so far, every 10,000 shares of RNVA common stock issued and outstanding were consolidated into 1 issued and outstanding share. Based on the number of shares outstanding on March 9, 2022, the reverse stock split will reduce the number of shares of the Company’s common stock outstanding from approximately 44 billion pre-reverse split shares to approximately 4.4 million post-reverse split. RNVA does significant sales recently reporting $1,010,245 in revenues for the 3 months ended, September 30, 2021. While the Company carries $7 million in “investments” and $9 million in “property & equipment” they do have $57 million in liabilities. 

On March 16, the Company raised $1 million via the closing of its offering of shares of 1,100 Series P Convertible Redeemable Preferred Stock. The offering was pursuant to the terms of the previously-announced Securities Purchase Agreement, dated as of January 31, 2022 between the Company and certain existing institutional investors of the Company as reported in the 8k. With just 4.4 million shares outstanding RNVAD is getting noticed in small caps and currently has a massive following of investors watching the stock as evidenced by the move on March 16 from $0.339 to $0.051 and then back up to $0.10. The next few days should be highly volatile. 

Rennova Health Inc (OTCMKTS: RNVA) operating out of West Palm Beach, Florida is a vertically integrated health care and services provider that provides industry-leading diagnostics and supportive software solutions to healthcare providers. The Company’s flagship; Jamestown Regional Medical Center is an 85-bed facility and is fully accredited by the DNV serving Jamestown and the surrounding areas. The hospital offers a 24-hour Emergency Department, a Radiology Department, a Surgery Center and a Wound Care & Hyperbaric Center.   

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

Microcapdaily first reported on RNVA on April 17, 2021 stating at the time: “RNVA is heating up in recent trading with large 6- and 7-digit buys coming in and Tuesday’s volume topping $8 million in dollar volume on over 7 billion shares traded. RNVA is emerging as an investors favorite and is currently among the most actively searched and talked about stocks in small caps. Currently under heavy accumulation RNVA just made a powerful reversal after months of steady declines and is looking to blaze a path along the likes of Enzolytics or Tesoro and break out into a whole new dimension – Tesoro went to multi dollars.”

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RNVAD

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

CAH status means the hospital will be entitled to a cost-based reimbursement from Medicare, which has the potential to increase revenue. There are a number of benefits of CAH including that capital improvement costs are included in allowable costs for determining Medicare reimbursement. This special reimbursement that CAHs receive is intended to improve their financial performance and thereby maintain access to basic health care in rural areas by providing rural health networks and rural emergency medical services. 

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

As a result of the reverse stock split, every 10,000 shares of the Company’s common stock issued and outstanding on the Effective Time will be consolidated into one issued and outstanding share. Based on the number of shares outstanding on March 9, 2022, the reverse stock split will reduce the number of shares of the Company’s common stock outstanding from approximately 44 billion pre-reverse split shares to approximately 4.4 million post-reverse split. 

The Company has retained its transfer agent, Computershare, Inc., to act as its exchange agent for the reverse stock split. As necessary, Computershare will provide stockholders of record as of the Effective Time a letter of transmittal providing instructions for the exchange of their stock certificates. The reverse stock split was approved by the directors of the Company on March 9, 2022, pursuant to a resolution adopted by written consent of the holders of the majority of the total voting power of the Company’s securities on December 15, 2021. 

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RNVAD had a wild first day of trading since the March 15’s 10,000 for 1 reverse stock split. Opening at $0.3395 RNVAD hit a low of $0.051 before moving back up in afternoon trading to close over a dime. As a result of the reverse stock split, the 9th reverse stock split the Company has performed so far, every 10,000 shares of RNVA common stock issued and outstanding were consolidated into 1 issued and outstanding share. Based on the number of shares outstanding on March 9, 2022, the reverse stock split will reduce the number of shares of the Company’s common stock outstanding from approximately 44 billion pre-reverse split shares to approximately 4.4 million post-reverse split. RNVA does significant sales recently reporting $1,010,245 in revenues for the 3 months ended, September 30, 2021. While the Company carries $7 million in “investments” and $9 million in “property & equipment” they do have $57 million in liabilities.On March 16, the Company raised $1 million via the closing of its offering of shares of 1,100 Series P Convertible Redeemable Preferred Stock. The offering was pursuant to the terms of the previously-announced Securities Purchase Agreement, dated as of January 31, 2022 between the Company and certain existing institutional investors of the Company as reported in the 8k. With just 4.4 million shares outstanding RNVAD is getting noticed in small caps and currently has a massive following of investors watching the stock as evidenced by the move on March 16 from $0.339 to $0.051 and then back up to $0.10. The next few days should be highly volatile. We will be updating on RNVAD when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with RNVAD.

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Disclosure: we hold no position in RNVAD either long or short and we have not been compensated for this article.

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