Rennova Health, Inc. (NASDAQ:RNVA) Files An 8-K Other Events
Item 8.01 Other Events.
As previously announced, on December 30, 2019 Seamus Lagan, Chief Executive Officer and President of Rennova Health, Inc. (the “Company”), and Alcimede LLC, of which Mr. Lagan is the sole manager, approved by written consent in lieu of a special meeting of stockholders two proposals that had previously been approved by the Board of Directors of the Company. Mr. Lagan and Alcimede LLC held shares representing 50.9% of the total voting power of the Company’s voting securities with regard to these proposals. The proposals were (i) to approve an amendment to our Certificate of Incorporation to increase the authorized shares of our common stock from 10,000,000,000 to 12,500,000,000 shares, and (ii) to approve an amendment to our Certificate of Incorporation to effect a reverse stock split of our outstanding shares of common stock at a specific ratio from 1-for-100 to 1-for-10,000, reduce the number of authorized shares of common stock to 3,000,000,000 shares and grant authorization to our Board of Directors to determine, in its discretion, the specific ratio and timing of the reverse split any time before December 31, 2020, subject to the Board of Directors’ discretion to abandon such amendment.
Our Board of Directors has determined not to proceed with these two proposals but currently expects to move forward with a reverse stock split of our common stock on its own, without any change in the authorized shares of our common stock at this time. If and when the Board does determine to authorize a reverse split, it will adopt a resolution to that effect and seek a new stockholder approval.
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.