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Friday, May 14, 2021

Rennova Health Inc (OTCMKTS: RNVA) Powerful Reversal Brewing

Rennova Health Inc (OTCMKTS: 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. 

RNVA recently filed a 10k in which the Company states it currently owns one operating hospital in Oneida, Tennessee, a rural clinic in Williamsburg, Kentucky and a closed hospital facility and doctors’ practice in Jamestown, Tennessee which it plans to reopen. The Company continues to expand its centralized hospital division management team in Knoxville, Tennessee and plans to secure adequate capital to stabilize and improve its management team and operations throughout 2021. The Company remains confident that its strategy to own and operate a number of rural hospitals in a close geographic location is a viable business strategy. In 2020 RNVA reported $7.8 million in total revenues. 

Rennova Health 8K gives financial update on 2018 | RNVA 20 Feb 19 | 99.1Rennova 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. 

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In an 8k published minutes ago RNVA stated: As a result of conversions of shares of Series M Convertible Redeemable Preferred Stock and shares of Series N Convertible Redeemable Preferred Stock of Rennova Health, Inc. (the “Company”), the Company currently has 5,587,901,679 shares of common stock issued and outstanding. The Company is authorized to issue 10,000,000,000 shares of common stock. The Company expects it will exhaust all of its authorized shares of common stock in the immediate future. It will not then be able to issue additional shares of common stock unless and until it is able to amend its Certificate of Incorporation to increase its authorized common stock or it effects a reverse split. The Company needs immediate additional capital to execute on its business plan and without the ability to issue shares of common stock will have difficulty securing the capital required to continue in business. On April 22, 2021, the Company entered into agreements with certain institutional investors for warrant prepayment promissory notes in the aggregate principal amount of $220,000. The Company received proceeds of $200,000. All or any portion of the principal amount of these notes may be applied, at the option of the payees, to the exercise price of any common stock purchase warrants held by the payees. The notes are unsecured and mature in one year. They do not bear interest but an interest rate of 18% will be applied commencing five days after any event of default that results in acceleration of the notes

On March 8, RNVA announced it terminated discussions with TPT Global Tech, Inc. to merge its software and genetic testing interpretation divisions, Health Technology Solutions, Inc. (HTS) and Advanced Molecular Services Group, Inc., (AMSG) and their subsidiaries into InnovaQor. The parties had worked for a number of months to close on an agreement that was previously announced but unfortunately could not reach final terms on a number of closing items and have agreed to immediately terminate discussions. Each party will continue independently with their own business strategy and plan. 

Rennova Health Inc. (RNVA) Stock Message Board - InvestorsHubRennova will immediately pursue other options including, the filing of a Form 10 with the SEC to complete the separation of its software division as planned to its shareholders. Financial audits have been completed on Rennova’s software division in anticipation of closing the transaction as previously described. Rennova remains committed to creating a next generation telehealth type platform for healthcare providers and patients combining already developed Rennova assets and technology. 

CEO Seamus Lagan stated: “Rennova is disappointed that the previously disclosed agreement with TPT Global Tech, Inc. could not be finalized successfully. We believe we can quickly execute on a plan of separation of our software assets and opportunity that achieves the same outcome for our shareholders as previously intended, and build a successful healthcare software provider that meets the needs of a modern healthcare sector.” 

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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. RNVA recently filed a 10k in which the Company states it currently owns one operating hospital in Oneida, Tennessee, a rural clinic in Williamsburg, Kentucky and a closed hospital facility and doctors’ practice in Jamestown, Tennessee which it plans to reopen. The Company continues to expand its centralized hospital division management team in Knoxville, Tennessee and plans to secure adequate capital to stabilize and improve its management team and operations throughout 2021. The Company remains confident that its strategy to own and operate a number of rural hospitals in a close geographic location is a viable business strategy. In 2020 RNVA reported $7.8 million in total revenues. RNVA just made a powerful reversal off $0.0006 lows and currently has massive liquidity, a very fast growing shareholder base and significant momentum and publicity. We will be updating on RNVA when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with RNVA.

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

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