Shares of Rennova Health (OTCMKTS:RNVAD) are in focus after announcing latest updates.
Market Reaction
On Wednesday, RNVA stock ended flat at $0.0001 with 161.22 million shares, compared to its average volume of 89.45 million shares. The stock moved within a range of $0.0000 – 0.0001 after opening trade at $0.0001.
Key Details
Provider of health care services to rural communities, Rennova Health (OTCMKTS:RNVAD) on March 16, 2022, announced that the firm finished1 for 10,000 reverse stock split of the outstanding common stock.
Rennova’s common stock would be open for trading on a post-split basis and trade under the symbol RNVAD for 3 weeks. The stock split makes every 10,000 shares of the firm’s common stock issued and outstanding. It will be consolidated into a single issued and outstanding share, except the firm’s stockholders owning a fractional share, which would be paid in cash. In the context of the reverse stock split, there will not be any change in nominal par value per share of $0.0001.
Considering the number of outstanding shares on March 9, 2022, the reverse stock split will lower the number of shares of its common stock outstanding from about forty-four billion pre-reverse split shares to 4.4 million post-reverse splits.All outstanding stock options, preferred shares, warrants, as well as equity incentive plans before reverse stock, will be adjusted.
The firm has ensured retention of a transfer agent, Computershare, Inc, for acting as the exchange agent to do a reverse stock split. Computershare will give stockholders of record a letter providing instructions for the exchange of their stock certificates.
Traders Review
RNVA stock is trading below the 10-Day and 50-Day Moving averages of $0.0001 and $0.0001 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0002.
