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| RXMD Updates on Substantial Progress Fighting Naked Shorting in the Company's Stock |
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 Hot Stock to Watch |
Company: Progressive Care Inc. (OTCQB: RXMD)
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Last:
Price: 0.0826
Change (%): - 0.0039 (4.51)
Volume: 573,986 |
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Progressive Care Updates Shareholders on the Status of Naked Shorts
MIAMI, May 01, 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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