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Rennova Health, Inc. Announces $4,000,000 Funding From Private Placement of Convertible Preferred Stock
Rennova Health, Inc. Announces $4,000,000 Funding From Private Placement of Convertible Preferred Stock.
About this update from Rennova Health, Inc.
[{"type":"text","content":"\nRennova Health, Inc. Announces $4,000,000 Funding From Private Placement of Convertible Preferred Stock\n\nRennova Health, Inc. Announces $4,000,000 Funding From Private Placement of Convertible Preferred Stock\n\n WEST PALM BEACH, FL--(Marketwired - October 30, 2017) - Rennova Health, Inc. (OTCQB: RNVA) (OTCQB: RNVAW), a vertically integrated provider of industry-leading diagnostics and supportive software solutions to healthcare providers, which opened its first rural hospital in Oneida, Tennessee on August 8, 2017, announces that it has entered into a Securities Purchase Agreement (the \"Purchase Agreement\") with certain existing institutional investors of the Company. Pursuant to the Purchase Agreement, the Company has agreed to issue $4,960,000 in aggregate stated value of Convertible Preferred Stock. The Purchase Agreement contains certain customary representations, warranties and covenants. Proceeds from the Purchase Agreement are expected to be $4,000,000. The closing of the offering is expected to occur on or about October 30, 2017 and is subject to, among other things, receiving certain consents and other customary closing conditions.The Preferred Stock may be converted into common stock at any time at a conversion price equal to the lower of 85% of the market price or $1.00. The Preferred Stock does not include any security interest in assets of the Company or any fixed dividend rights and the Company is not required to file a registration statement for the shares of common stock underlying the Preferred Stock.The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.This announcement is neither an offer to sell nor a solicitation of an offer to buy any securities of the Company.\"This equity investment combined with the granting of our previously announced CMS number for our hospital, enabling us to bill and collect for hospital services rendered, is expected to provide adequate capital to complete the repayment of certain debts and enable the Company to get its current business to cash flow break-even without need of further investment,\"...