Progressive Care Inc (OTCMKTS:RXMD) Crashes Again

Yesterday saw Progressive Care Inc (OTCMKTS:RXMD) crash 16.67% in spite of making another positive announcement.

RXMD‘s last “new revenue record” announcement made quite a big splash. The ticker exploded into motion on massive volume, and promptly crashed horribly, as it lost its thunder the very next day. Comically enough, this time around, the announcement not only didn’t manage to nudge the ticker up the charts, but RXMD tanked immediately after it.

There could be a number of reasons for this odd chart movement. At the moment, the most likely of them seems to be that opportunistic investors and note-holders who saw the market’s reaction last time, were just waiting for the cue to cash in some RXMD shares.

When said traders saw the PR, they dumped large amounts of shares on the market, driving the price down. However, this time the PR failed to attract the attention of buyers for said shares, which is why RXMD‘s stock prices dropped like a rock.

Of course, this is pure speculation, but at the moment it does sound plausible – especially since that’s a spectacle we’ve seen play out countless times on the OTC Markets’ Pink section.

For now, there is no real way to know what is currently going on in RXMD, seeing as how the company is woefully overdue in its filings and is rightfully marked “limited information”.

What we do know, is the fact that RXMD is prone to rampant dilution, among other suspicious practices:

• As of December 31, 2013 RXMD had 28 million shares of common stock
• As of December 31, 2014 RXMD had 41 million shares of common stock
• As of March 31, 2015, RXMD had 65 million shares of common stock

Investors of all types would do well to take notice of the fact that last time it filed, RXMD had $1.6 million worth of convertible notes outstanding. This more or less means that shares could be dumped on the market at any time, driving the price down.

With this in mind, let the buyer beware.