Interesting that Rennova acquired 15% of Genomas in July, then two months later they decided to acquire the remaining 85%. The completion was to be done on Oct. 14, but no consummation news has yet been released. Could just be ordinary delays, but this additional 85% acquisition news was released two weeks after Rennova received a six month extension by Nasdaq to get their bid price to $1., or higher for ten consecutive days in order to remain listed. Will this really be so simply resolved by a RS, or is there more in play here? Mika takes our CFO helm on 11/2.
Tegel manufactured computer chip etching systems, and deposition systems for the semi. industry. When semi. industry slowed, Mika looked for a buyer. No buyer meant a partial sell-off of the business, and a focus on MEMS, a faster growing segment. Mika had the same Nasdaq $1. minimum per share compliance issue with Tegel that Rennova Health has currently.
Tegal acquires CollabRx, whose focus was cloud-based, dynamically updated, molecular disease models. Software-as-a-service contracts to DNA testing labs, to translate patient-specific genetic characterization to patient-specific clinical treatment advice was the revenue model.
CollabRx merges with Medytox, and they operate under the new name of Rennova Health, Inc. Medytox is made up of diverse healthcare companies including five clinical labs.
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What does it all mean? No clear idea at this time, but there are many ways that you could look at all of this.
My SWAG is something sensor related.
Just as an aside, the current outstanding shares, and Friday's closing price for Rennova Health comes to approximately $7.07 million. Yes, it could make for a quick entrance onto the NASDAQ, and it certainly would be better than backing into that exchange via an empty shell. I don't think we'd have any of the necessary numbers for that, but it would take care of the name change. Obviously, Rennova could have something useful to POET besides an onramp to that exchange, but again, we're all in need of more information.
