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Saturday, November 26, 2022

Rennova Health Inc (OTCMKTS: RNVA) Steady Accumulation on Friday on Big South Fork Medical Center Owner & Operator

Rennova Health Inc (OTCMKTS: RNVA) is heating up with significant buying coming into the stock which closed at $0.0002 on Friday on 3,993,391,320 shares traded and around $800,000 in dollar volume on the day. Recently the Company reported $3,606,236 in revenues for the 3 months ended June 30, 2022 up over 200% from $928,849 in revenues reported for the same period in 2021. This is a significant growth in revenues coupled with the CEO’s recent statements that there is no reverse split coming, RNVA is under accumulation here. 

An SEC filer RNVA is a lotto play that owns one operating hospital in Oneida, Tennessee known as Big South Fork Medical Center, a hospital located in Jamestown, Tennessee that it plans to reopen, a physician’s practice in Jamestown, Tennessee that it plans to reopen and a rural clinic in Kentucky. At current levels there is plenty of room for growth in the near term. In the past RNVA has had continued problems due it’s the significant debt load it carries on the books which has resulted in many reverse splits.  

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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 owns one operating hospital in Oneida, Tennessee known as Big South Fork Medical Center, a hospital located in Jamestown, Tennessee that it plans to reopen, a physician’s practice in Jamestown, Tennessee that it plans to reopen and a rural clinic in Kentucky.  

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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On September 14 RNVA Chief Executive Officer Seamus Lagan joined Stock Day host Everett Jolly to provide an update on the business and future plans. Jolly began the interview by referring to the most recent 10Q filed by the Company and noting the improved net revenues and financial condition. He asked if the Company expected to have profitable operations going forward. Lagan responded by confirming that the hospital operations were significantly improved and that he believed that hospital operations would be profitable going forward. He also cautioned that a significant amount of legacy debt and other liabilities remained but pointed to the improvements made in the past year and his belief that improvements would continue. 

Jolly asked for an update on the recently disclosed plan to expand the business into providing behavioral health services. Lagan confirmed the intention to move forward with this initiative and stated that the Company had recently hired an experienced individual to head up this new business. He also confirmed a focus of the new management in creating a detailed business plan that would, in part identify capital needs, and reminded his listeners that the business would utilize available space in the Company’s existing properties. 

Jolly then asked for an update on the shares of common stock outstanding and asked Lagan if the Company had any plans to effect another reverse stock split. Lagan stated that there were approximately ten billion shares issued and outstanding and that there were two hundred and fifty billion shares authorized meaning that there was no need for a reverse split for the foreseeable future. He confirmed that the Company currently had no plans to complete a reverse split. 

Jolly ended the interview by asking Lagan what message he would like the Company’s shareholders to take away from the interview. Lagan responded by referring to previous disclosures of the intention to stabilize the business and his belief that operations have now been stabilized, and that a capable and experienced management team was now in place, allowing the business to focus on building the behavioral health division and possibly looking at additional acquisitions again going forward. 

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RNVA is heating up in recent trading with large 6- and 7-digit buys coming in and Friday’s volume nearing $800,000 in dollar volume on over 3 billion shares traded. Currently under heavy accumulation RNVA was up 300% on Friday and closed at the high of the day HOD. As we said the Company recently reported $3,606,236 in revenues for the 3 months ended June 30, 2022 up over 200% from $928,849 in revenues reported for the same period in 2021. This is a significant growth in revenues coupled with the CEO’s recent statements that there is no reverse split coming, RNVA is heating up and getting noticed. Its a lotto play for sure and is one to watch next week. We will be updating on RNVA when more details emerge so make sure you are subscribed to Microcapdaily.

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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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1 COMMENT

  1. Any investor holding Rennova Health stock knows it’s a corrupt company. It continues to do reverse stock splits which destroys the investors profit, reducing their shares, which reduces their value. The investor is back to square one every time Rennova does a stock split! Corruption at its worst! Therefore research Rennova Health before presenting them to potential investors as a good company to invest, because you will be found very wrong.

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