Progressive Care Inc (OTCMKTS:RXMD) Keeps Soaring
In yesterday’s session the share price of Progressive Care Inc (OTCMKTS:RXMD) took another hike up the charts. After a brief pause on Monday RXMD found itself another 40% up, stopping at $0.017 per share by the bell. Volume shot up again, to over 20 million shares traded.
RXMD put up a new press announcement near the opening bell. The news was rather underwhelming but obviously enthused traders enough to buy the stock all the way up the chart. RXMD informed the company received a “positive response” from its “non-deal road show”, claiming participants were “pleased” with the “establishment of the PharmCo brand”. What a peculiar thing to be excited about, but who are we to judge people’s triggers for excitement.
Another far more substantial reason for excitement mentioned in the news release is the bit where RXMD states the company issued what it “believes” to be the last tranche of shares to Tarpon Bay. It’s not too clear why they chose this ambiguity in wording but hopefully the torrential dilution caused by the Tarpon Bay issuances is now over.
RXMD entered into a settlement agreement with Tarpon and under the agreement’s terms, RXMD needed to issue $2.4 million worth of settlement and fee shares. The satisfaction of those terms pretty much led to RXMD diluting its common stock by over 100% between June and September alone. The majority of the new shares were issued to Tarpon.
RXMD‘s latest quarterly went up just a few days ago and contained the following:
- $270 thousand in cash
- $2.0 million in current liabilities
- $3.3 million in Q3 sales
- $160 thousand in Q3 net loss
The company reported “steady” performance in October, with revenues for the month reportedly sitting at $1.2 million.
