Progressive Care Inc (OTCMKTS:RXMD) Stock Falls After New Chairman and Vice-Chairman of the Board

Investors in the personalized healthcare and technology firm Progressive Care Inc (OTCMKTS:RXMD) did not have a particularly great time in the markets yesterday as the stock ended up with a decline of as much as 8%.

Trading Data

On Thursday, RXMD stock slid 8.27% to $0.0305 with more than 474.53K shares, compared to its average volume of 1.03 million shares. The stock moved within a range of $0.0300 – 0.0335 after opening trade at $0.0311.

Progressive Care Announces New Chairman and Vice-Chairman of the Board

The company was in the news yesterday after it announced that it had appointed a new Chairman of the Board in the form of Charles M Fernandez and new Vice Chairman of the Board in Rodney Barreto. The two appointments went into effect on September 13, 2022. While both of these were vital appointments and will have an impact on the future of the company, it did not get any kind of encouragement from investors.

In this context, it may be a good idea to take a look at the credentials of the two people in order to come to a conclusion. Fernandez is currently the Chief Executive Officer and Chairman of the company NextPlat Corp. In addition to that, he holds experience spanning more than three decades in identification of promising startups and other opportunities. On the other hand, Barreto’s experience spans a period of over 35 years and that is inclusive of his role with the Barreto Group.

Key Quote

“I am privileged to take on the role of Chairman at such an exciting time for Progressive Care. I look forward to working closely with the Board and its leadership team to help ensure that during a time when technology is rapidly transforming the healthcare industry, Progressive Care can continue to innovate and make a positive impact on all stakeholders for years to come,” said Charles Fernandez.

Technical Data

RXMD stock is trading above the 20-Day and 50-Day Moving averages of $0.0300 and $0.0276 respectively. However, the stock is trading below the 200-Day moving average of $0.0323.