RxADE HEALTH Inc. (Nasdaq: MEDS) (the “Company”), announced today that with the filing of its Quarterly Report on Form 10-Q for the period ended March 31, 2024 (the “Form 10-Q”), the Company regained compliance with Nasdaq listing rules and posted net income of over $21 million for the period in question due to the previously announced sale of substantially all of the assets of the Company’s wholly-owned subsidiary Trxade, Inc.
On May 23, 2024, the Company received a standard notice of noncompliance from the Nasdaq Listing Qualifications Department (“Nasdaq”) indicating that, as a result of not having timely filed its Form 10-Q for the first quarter of 2024, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic financial reports with the Securities and Exchange Commission. The Company believes it has now regained compliance with Nasdaq Listing Rule 5250(c)(1) with the filing of its Form 10-Q.
On February 16, 2024, the Company, together with Trxade, Inc., and Micro Merchant Systems, Inc. (“MMS”) entered into an asset purchase agreement (the “APA”) under which MMS agreed to purchase for cash substantially all of the assets of Trxade, Inc. On February 16, 2024, the parties consummated the closing of the transactions contemplated by the APA. Trxade, Inc. operated a web-based market platform designed to enable trading among healthcare buyers and sellers of pharmaceuticals, accessories and services. The purchase price paid at closing was $22,660,182. This sale transaction was a significant factor in the Company reporting positive net income for the first quarter. The Company received an additional payment of $7,500,000 in May 2024.
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