MIAMI, May 1, 2018 (GLOBE NEWSWIRE) — Progressive Care Inc. (OTCQB: RXMD), a healthcare services and technology company, updates shareholders that it is no longer on the Regulation SHO watch list with OTCMarkets.
The Company recently began taking action to alleviate pressure caused by naked short positions in the Company’s stock. The Company contacted a number of broker/dealers, clearing firms, and reached out to FINRA’s Division of Market Regulation about the problem naked shorting is causing in the market for the Company’s securities. Management believes this effort of raising awareness within compliance offices has led to a significant decrease in naked short positions in the market, which has resulted in the removal of Progressive Care (OTCQB:RXMD) from the OTCMarkets Regulation SHO watch list for significant fails to deliver. The Company intends to continue contacting broker/dealers and clearing firms to ensure that they are complying with all regulations.
“We are pleased that our efforts have had a positive impact on the stability of the market for our stock,” stated S. Parikh Mars, CEO. “Our shareholders especially have done a tremendous job of contacting their firms to prevent their shares from being borrowed for short positions. We cannot prevent all instances of naked shorts, but we can apply pressure and raise awareness with broker/dealers and clearing firms to be vigilant in their compliance protocols in this regard. We will continue to monitor the situation and take action when necessary now and into the future.”
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About Progressive Care
Progressive Care Inc. (OTCQB:RXMD), through its PharmCo, LLC, is a South Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long term care facilities, and health practice risk management.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
Senior Advisor Business Development