UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 or 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): March 30, 2020

 

Rennova Health, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

(State or Other Jurisdiction of Incorporation)

 

001-35141   68-0370244
(Commission File Number)   (I.R.S. Employer Identification No.)

 

931 Village Boulevard, Suite 905, West Palm Beach,
Florida
  33409
(Address of Principal Executive Offices)   (Zip Code)

 

(561) 855-1626
(Registrant’s Telephone Number, Including Area Code)

 

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered under Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
None   None   None

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company [  ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

 

 

   
 

 

Item 8.01 Other Events.

 

Rennova Health, Inc. (the “Company”) is providing the following update on the filing of our Annual Report on Form 10-K for the year ended December 31, 2019 (the “Report”). The Company has determined to rely on the Securities and Exchange Commission’s Order under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies dated March 25, 2020 (Release No. 34-88465) to delay the filing of the Report due to circumstances related to the coronavirus (“COVID-19”). The COVID-19 pandemic and the steps taken by governments to seek to reduce the spread of the virus have severely impacted the economy and the health care industry in particular. Our hospitals have experienced disruptions due to the unprecedented conditions surrounding the pandemic. Our staff scheduling has been adversely affected causing interruptions of services and the majority of normal revenue generating services have been suspended. The rest of our employees outside of the hospitals, and many of our professional advisors, are working remotely. Our accounting team and independent auditors have not been able to conduct on-site accounting and auditing work. These disruptions to the process of preparing the Company’s audited financial statements are causing the Report, which is due on March 30, 2020, to be delayed. Consequently, the Company is unable to file the Report timely. The Company anticipates that it will file the Report no later than May 14, 2020, which is 45 days after the original due date of the Report.

 

To date, the Company has not experienced an increase in patients treated in its emergency rooms but we have increased the safety precautions, and incurred increased costs at our hospitals in anticipation of receiving a positive COVID-19 patient. If there is a large influx of patients, small rural hospitals, such as ours, could be severely affected. In addition, our staffing costs and costs to purchase medical supplies could increase. Moreover, the virus has caused a slowdown in our hospitals’ normal business unrelated to the virus, which may reduce revenues.

 

The Company continues to seek additional funding. The current COVID-19 pandemic has caused disruption in the financial markets and the businesses of financial institutions. These factors have caused a slowdown in the decision making of these institutions, which may affect the timing of the Company receiving any additional funding. There can be no assurance that we will be able to raise additional funds on terms acceptable to us, if at all.

 

In light of the current COVID-19 pandemic, the Company will be including the following Risk Factor in its Report, as it may be updated to reflect subsequent events affecting the Company:

 

The current and potential effects of the coronavirus pandemic may materially adversely impact our business, results of operations and financial condition.

 

The coronavirus pandemic and the steps taken by governments to seek to reduce its spread have severely impacted the economy and the health care industry in particular. Hospitals have especially been affected. Small rural hospitals, such as ours, may be overwhelmed by patients if conditions worsen in their local areas. Staffing costs, and concerns due to the potential exposure to infections, may increase, as may the costs of needed medical supplies necessary to keep the hospitals open. Doctors and patients may defer elective procedures and other health care services. Travel bans, social distancing and quarantines may limit access to our facilities. Business closings and layoffs in our local areas may result in the loss of insurance and adversely affect demand for our services, as well as the ability of patients and other payers to pay for services as rendered.

 

Forward-Looking Statements

 

This report includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Additional information concerning these and other risk factors are contained in the Company’s most recent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: March 30, 2020 RENNOVA HEALTH, INC.
     
  By: /s/ Seamus Lagan
    Seamus Lagan
    Chief Executive Officer
    (principal executive officer)

 

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