Biotech

Rennova Health announced it’s stockholders approved a company proposal at their special meeting.

Rennova Health (NASDAQ:RNVA) announced it’s stockholders approved a company proposal at their special meeting.
As quoted in the press release:

A total of 2,759,422 shares, or approximately 79% of the votes cast, were voted in favor of Proposal 1. That Proposal approved, for the purpose of Nasdaq Listing Rule 5635(d), the issuance of shares of the Company’s common stock underlying Senior Secured Original Issue Discount Convertible Debentures and three series of Warrants issued by the Company pursuant to the terms of that certain Securities Purchase Agreement, dated as of March 15, 2017, and those certain Exchange Agreements, dated as of March 15, 2017, between the Company and the investors named therein, in an amount in excess of 19.99% of the Company’s common stock outstanding before the issuance of such Senior Secured Original Issue Discount Convertible Debentures and Warrants.
“I want to thank our stockholders for their participation in this important vote,” commented Seamus Lagan, chief executive officer of Rennova. “With this matter behind us, we can fully concentrate on progressing our near-term plans for building stockholder value, which include opening our Big South Fork Medical Center in Tennessee, adding additional preferred provider networks, forging contracts with third-party payers, adding Medicaid contracts and increasing the number of tests we offer in our clinical laboratory segment.”
Because Proposal 1 was approved by stockholders, Proposal 2 was not voted on at the Special Meeting. Proposal 2 was to authorize an adjournment of the Special Meeting, if necessary, if a quorum was present, in order to solicit additional proxies if there were not sufficient votes in favor of Proposal 1.

Click here to read the full press release.

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