The Nasdaq stock market granted Rennova Health a reprieve from delisting, but the struggling company still faces being kicked off the exchange.
West Palm Beach-based Rennova (NASDAQ:RNVA) said Wednesday that the Nasdaq has given the it until March 13 to boost its share price above $1. Rennova shares languish at 22 cents today.
Rennova, a medical testing firm formerly known as Medytox Solutions, has been hemorrhaging money. Its sales plunged from $23 million in the first half of 2015 to $4.9 million in the first half of 2016, and its net loss widened from $3.2 million in the first half of 2015 to $10.1 million in the first half of 2016.
As recently as 2011, Medytox Solutions was based in Nevada and known as Casino Players Inc., and its auditor warned that year about its ability to continue as a “going concern” — a bit of accounting jargon that expresses grave doubts about a company’s finances.