RENNOVA HEALTH, INC. (NASDAQ:RNVA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.Entry into a Material Definitive Agreement
As previously disclosed, on March 21, 2017 Rennova Health, Inc. (the “Company”) closed offerings of an aggregate of $16,010,260 principal amount of Senior Secured Original Issue Discount Convertible Debentures due March 21, 2019 (the “Debentures”) and warrants. The Debentures provide that holders are prohibited from converting such Debentures into common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than 4.99% of the total number of shares of common stock then issued and outstanding. However, any holder may increase or decrease such percentage to any other percentage not in excess of 9.99%, provided that an increase in such percentage shall not be effective until 61 days after notice to the Company. Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd., two of the investors in the offerings, were issued an aggregate of $14,554,500 principal amount of Debentures. As of July 10, 2017, $11,597,282 aggregate principal amount of the Debentures purchased by the Sabby funds remained outstanding.
On July 10, 2017, the Company and the two Sabby funds agreed to amend the remaining Debentures held by such investors. The amendment provides that the 4.99% limitation is amended to be 9.99%, effective immediately. Otherwise there are no changes to the terms and conditions of the Debentures.
The foregoing description of the amendment is a summary, and is qualified by reference to such document, which is attached hereto as Exhibit 10.143.
Item 9.01.Financial Statements and Exhibits.
(d)
| Exhibit No. | Exhibit Description |
| 10.143 | Amendment, dated July 10, 2017, among Rennova Health, Inc. and Sabby Healthcare Master Fund, Ltd. and Sabby Volatility Warrant Master Fund, Ltd. |
Rennova Health, Inc. ExhibitEX-10.143 2 rennova_ex10143.htm AMENDED AGREEMENT Exhibit 10.143 RENNOVA HEALTH,…To view the full exhibit click here
About RENNOVA HEALTH, INC. (NASDAQ:RNVA)
Rennova Health, Inc. (Rennova), formerly CollabRx, Inc., is a provider of diagnostics and supportive software solutions to healthcare providers. The Company operates in three segments: clinical laboratory operations, supportive software solutions, and decision support and informatics operations. The Company is a healthcare enterprise that delivers products and services, including laboratory diagnostics, healthcare technology solutions, and revenue cycle management and intends to provide financial services, to medical providers. Rennova’s principal line of business is clinical laboratory blood and urine testing services. It is also engaged in the provision of urine drug toxicology testing to physicians, clinics and rehabilitation facilities in the United States. Its clinical laboratories include Biohealth Medical Laboratory, Inc.; Alethea Laboratories, Inc.; International Technologies, LLC; EPIC Reference Labs, Inc., and Epinex Diagnostics Laboratories, Inc.