TRxADE HEALTH, Inc. - Common Stock (MEDS)

TRxADE Health (NASDAQMEDS), a parent company of pharmaceutical business-to-business (“B2B”) exchange platform, and Scienture Inc., a wholly owned subsidiary of TRxADE, have announced a name change. According to the announcement, TRxADE is changing its name to Scienture Holdings Inc. The change is effective beginning Sept. 23, 2024; company stock will also begin trading on the NASDAQ exchange under a new ticker symbol — SCNX — that same day.

TRxADE Health (NASDAQMEDS), a pharmaceutical exchange platform provider, and its wholly owned subsidiary Scienture, LLC, a New York based branded specialty pharmaceutical company, today announced changes to Scienture’s executive leadership team. According to the announcement, Narasimhan Mani, Ph.D., MBA, an experienced healthcare professional and a proven health leader with over 25 years of experience in the pharmaceutical industry, has been appointed Scienture’s President. Additionally, Shankar Hariharan, Ph.D., the current President and CEO, will be CEO of Scienture, while Rahul Surana, Ph.D., MBA has been promoted to Executive VP and Chief Operating Officer (“COO”) of Scienture.

TRxADE Health (NASDAQMEDS), a parent company of pharmaceutical business-to-business (“B2B”) exchange platform, has entered into a business combination with Scienture Inc. in an all-stock transaction. Scienture is a New-York-based pharmaceutical company that develops unique specialty product concepts and solutions. According to the announcement, TRxADE acquired all of Scienture’s assets in exchange for a combination of TRxADE common stock and nonvoting convertible preferred stock. In addition, TRxADE will change its name to Scienture Holdings Inc., with the combined company continuing to trade on the NASDAQ exchange. The boards of directors of both companies have unanimously approved the planned business combination, which will result in a company focused on providing innovative branded, specialty pharmaceutical products designed to enhance the standard of care and add value to patients, caregivers and the healthcare system. “We are very excited about the merger and believe the new combined company will provide the vehicle for our future expansion,” said Scienture president and CEO Shankar Hariharan, PhD., in the press release. “Our mission at Scienture is in developing unique specialty product concepts and solutions that bring enhanced value to patients, caregivers and healthcare systems. Our assets in development are across therapeutics areas, indications and cater to different market segments. We are committed to serving patients, physicians and other healthcare stakeholders to attain better health outcomes.”

TRxADE (NASDAQMEDS) today announced that its board of directors has declared a special cash dividend of $1.50 per share of common stock. According to the announcement, the special dividend is being paid using a portion of the proceeds received in May 2024 in connection with the prior sale of the company’s web-based market platform assets. The cash dividend is payable to stockholders of record as of July 19, 2024, with the dividend being paid on or about July 24, 2024.

Continues Nationwide Expansion of Breakthrough Digital Healthcare Services IT Platform

TRxADE Health (NASDAQMEDS), a pharmaceutical exchange platform provider, has regained compliance with Nasdaq Listing Rule 5250(c)(1) following the filing of its quarterly report on Form 10-Q for the three months ended March 31, 2024 (“Q1 2024”). The company reported a net income of more than $21 million for this period due to the previously announced sale of substantially all of the assets of its wholly-owned subsidiary Trxade, Inc. According to the announcement, the purchase price paid at closing on February 16, 2024, was $22,660,182. This sale transaction was a significant factor in TRxADE reporting positive net income for Q1. The company received an additional payment of $7,500,000 in May 2024.

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TRxADE Health (NASDAQMEDS), a parent company of pharmaceutical business-to-business (“B2B”) exchange platform, has announced a special cash dividend. According to the announcement, the company’s board of directors declared a cash dividend of $8 per share of common stock. “The special dividend is being paid using a portion of the proceeds from the closing of the recently announced sale of the company’s web-based market platform assets,” said the company in the press release. “The special cash dividend is payable to stockholders of record as of March 18, 2024, with the dividend being paid on or about March 22, 2024.”

TRxADE HEALTH, Inc. (NASDAQMEDS) is one of today’s top gainers. The company’s shares have moved 120.13% on the day to $9.11.

TRxADE Health (NASDAQMEDS), a parent company of pharmaceutical business-to-business (“B2B”) exchange platform, has filed its quarterly report on Form 10-Q for the period ended Sept. 30, 2023. According to the announcement, the company received a standard notice of noncompliance from NASDAQ in November 2023. The notification indicated that the company was not in compliance with NASDAQ listing rules because it had not filed Form 10-Q in a timely manner. The NASDAQ exchange requires timely filing of all required periodic financial reports with the U.S. Securities and Exchange Commission (“SEC”). With the filing of the quarterly report on Form 10-Q, TRxADE Health believes it has now regained compliance with NASDAQ listing rules.

NEW YORK, NY / ACCESSWIRE / September 7, 2023 / TRxADE Health, Inc. (NASDAQMEDS), known for its pharmaceutical exchange platform, has recently merged with Superlatus, Inc., a leading food technology and distribution company. The combined entity has now announced a binding agreement to acquire The Urgent Company Inc. along with its portfolio of popular consumer brands Coolhaus, Brave Robot, Modern Kitchen, and California Performance Co. These brands are currently owned by Perfect Day, Inc.

TRxADE Health, Inc. (NASDAQMEDS) is one of today’s top gainers. The company’s shares are currently up 52.54% on the day to $11.65.

Superlatus Inc. recently merged with TRxADE Health (NASDAQMEDS) and is gearing up to revolutionize the snack industry. The company today unveiled its intent to introduce pulse-based twisted protein snacks through its Brave Robot brand. This innovation leverages the advanced food extrusion technology from its wholly owned subsidiary Sapientia Technology, LLC. By exploiting the combined power of unique food technology developed by well-known scientist Dr. Gino Bortone, inventor of Cheetos Frito-Lay’s Twisted Cheetos, and leveraging the widespread popularity and distribution of the Brave Robot brand, the company expects to be successful in the snack food sector, projected to be worth a staggering $736 billion by 2026. “Over 100,000 schools and institutions serve school lunches to 29.6 million students daily. We know soft drinks and traditional chips are the most frequent items sold in vending machines at school,” said Superlatus interim CEO Tim Alford. “By dominating and leading the better-for-you (‘BFY’) snack category in the schools, colleges and universities across the continental United States, we have the unique opportunity to grow rapidly as our products have a long shelf-life, no chemicals and there are no freezing costs.”

TRxADE Health (NASDAQMEDS), a pharmaceutical exchange platform provider that recently merged with food technology and distribution company Superlatus Inc., announced an acquisition agreement. The company has entered a binding agreement with Perfect Day Inc. to acquire the Urgent Company Inc. along with its Coolhaus, Brave Robot, Modern Kitchen and California Performance Co. consumer brands. According to the announcement, the combined company will have a sustained, equitable food portfolio designed to penetrate new markets and accelerate a transition to animal-free brands more readily . Superlatus is a diversified food-technology company with distribution capabilities that is working to scale food innovation and transformational change designed to optimize food security and population health via innovative CPG products, agritech, foodtech, plant-based proteins and alt-proteins.

TRxADE Health (NASDAQMEDS), a pharmaceutical exchange platform provider, has filed for an extension to file its quarterly report. The company filed the extension on Form 10-Q for the second quarter pursuant to a Form 12b-25 filed with the U.S. Securities and Exchange Commission (“SEC”). According to the announcement, TRxADE is “not able to timely file its 10-Q by August 14, 2023, the original due date for such filing, without unreasonable effort or expense, because additional time is required to finalize its financial statements and related disclosures required to be included in the 10-Q in connection with the recent merger transaction it completed in July.” The company noted that it will release Q2 2023 financial results on Aug. 18, 2023, after the market closes.

TAMPA, FL / ACCESSWIRE / July 31, 2023 / TRxADE HEALTH INC. (NASDAQMEDS), is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S., will release financial results for the second quarter 2023, after market close on August 14, 2023. The financial results will be reported in a press release after the close of regular stock market trading hours on the same day as the conference call.

TRxADE Health (NASDAQMEDS), a health-services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States, released an amended and restated merger agreement with Superlatus Inc. Superlatus is a U.S.-based holding company of food products and distribution capabilities. According to the announcement, the restated agreement notes that, upon the merger closing, Superlatus shareholders will receive 30,821,941 shares of MEDS stock at $7.30 per share. Those shares will be comprised of 136,441 shares of MEDS common stock, representing 19.99% of the total issued and outstanding MEDS common stock at the closing of the merger, combined with 306,855 shares of a new class of MEDS nonvoting convertible preferred stock. These shares will have a conversion ratio of 100 to 1, multiplied by such shareholder’s pro rata percentage ownership. In addition, one business day immediately prior to the closing date, TRxADE will issue to TRxADE shareholders as of the MEDS Rights Record Date, a nontransferable right to receive one share of MEDS common stock at no cost along with seven MEDS Rights issued per share of common stock of TRxADE held as of the MEDS Rights Record Date. This stipulation includes independent directors who are entitled to a certain amount of MEDS common stock in connection with their 2023 annual compensation and is regardless of whether the common stock has been issued or vested before the MEDS Rights Records Date.

Eat Well Group (CSE: EWG) (OTC: EWGFF), a leading plant-based food ingredient and CPG company, has entered into a definitive membership interest purchase agreement (“MIPA”) as part of a NASDAQ merger with TRxADE Health Inc. (NASDAQMEDS) . The MIPA outlines the sale of Sapientia Technology Inc., EWGFF wholly-owned subsidiary, to Superlatus Inc. According to the Eat Well, the move is part of its commitment to sharpening its focus and leveraging its global agricultural strategy by divesting noncore assets. The sale of Sapientia, which will be for $10 million, “unlocks significant value and positions the company for exponential growth in collaboration with MEDS and Superlatus Foods,” the announcement noted. In addition, the announcement indicated that Superlatus is completing a merger with TRxADE on the NASDAQ exchange, which calls for Superlatus shareholders to receive more than 30 million shares of MEDS. Following the merger, TRxADE will focus on becoming an industry-leading processing and forming technologies company; the company plans to offer high-nutrition, texture plant-based foods and snacks. The announcement stated that TRxADE will divest its existing operating business and assets shortly after the merger. “We are very pleased to announce the sale of Sapientia for USD $10 million, allowing us to unlock the value of our IP portfolio and retain a substantial position in the NASDAQ company, MEDS,” said Eat Well Group CEO Marc Aneed in the press release. “This strategic move allows us to double down on our agricultural strategy and pursue further M&A opportunities, which will help establish Eat Well as a leading global agricultural platform.”

TRxADE Health (NASDAQMEDS), a pharmaceutical exchange platform provider, has entered a binding letter of intent (the “LOI”) to acquire Superlatus Inc., a U.S.-based holding company of food products and distribution capabilities (the “merger”). Upon closing of the merger, Superlatus shareholders will receive 30,821,918 shares of MEDS, each valued at $7.30, and comprised of (i) common shares in an amount representing 19.99% of the total issued and outstanding stock of MEDS after closing, and (ii) the remainder in shares of a new class of MEDS non-voting preferred stock, in each case multiplied by such shareholder’s pro rata percentage ownership. The merger is subject to customary closing conditions including completion of due diligence, delivery of audited financials, approval of a continued listing by Nasdaq and completion of any regulatory approvals.

TRxADE Health (NASDAQMEDS) announced that its board of directors has approved a 1-for-15 reverse stock split of its common stock. The reverse stock split took effect at 11:59 p.m. Eastern Time on June 21, 2023, and is effective as of the opening of business on June 22, 2023. As a result, the company’s 10,210,878 outstanding shares of common stock have been reduced to 680,726. Any stockholders owning a number of shares not evenly divisible by the reverse split ratio will be entitled to the rounding up of their fractional share to the nearest whole share. The reverse stock split will not have an impact on the overall economic value of the company; however, reduction of the number of common shares outstanding is expected to result in a corresponding increase in the bid price of the company’s common stock. TRxADE’s shares of common stock will continue to trade on the Nasdaq Capital Market under the symbol MEDS and under a new CUSIP number, 89846A 405. The company believes that the reverse stock split will help to increase the marketability of its stock to a broader range of potential investors.

TRxADE Health (NASDAQMEDS), a health-services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States, is reporting on its financial results for the quarter ended March 31, 2023. According to the report, the company is focused on continuing to expand its drug procurement marketplace nationwide, with an estimated 1,100 new members joining the platform during the first quarter of 2023, resulting in total registered members reaching more than 14,500 by quarter end. Financial numbers from the report show consolidated revenues for Q1 2023 decreased 31% to $2.2 million with gross profit analysis of comparable fiscal periods in both 2023 and 2022 reflecting an increase in gross profits of $221,000 for Q1 2023 compared to 2022. Operating expenses for the quarter reached $1.9 million with the company reporting a net loss of ($0.7) million compared to a net loss of ($1.0) million for same period in 2022. Adjusted EBITDA came in at ($0.06) million for the quarter 2023, compared to ($0.7) million for the first quarter 2022. “The first three months of 2023 have been an exciting and challenging time for TRxADE,” said TRxADE Health founder and CEO Suren Ajjarapu in the press release. “We continue to focus the company’s strategic plans and partnerships, working towards creating sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE platform. We continue to achieve key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities.”

TAMPA, FL / ACCESSWIRE / May 5, 2023 / TRxADE HEALTH INC. (NASDAQMEDS), is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S., will release financial results for the first quarter 2023, after market close on May 15, 2023. Please note that this is a revised date from the original reporting date of May 8, 2023. The financial results will be reported in a press release after the close of regular stock market trading hours on the same day as the conference call.

TRxADE Health (NASDAQMEDS) is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S. The company has announced that it will release its financial results for the first quarter 2023 after market close on May 8, 2023. In addition, management will host a conference call at 5 p.m. ET, also on May 8, to discuss TRxADE Health’s results followed with a question-and-answer period. Interested parties can dial 1-877-425-9470 (U.S.) or 1-201-389-0878 (international) to join the call and visit https://ibn.fm/OVReu to access the webcast. Participants are asked to dial in at least 10 minutes before the start of the call to ensure timely participation. A playback will be available through June 8, 2023, as detailed in the announcement.

TAMPA, FL / ACCESSWIRE / April 25, 2023 / TRxADE HEALTH INC. (NASDAQMEDS), is a health services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the U.S., will release financial results for the first quarter 2023, after market close on May 8, 2023. The financial results will be reported in a press release after the close of regular stock market trading hours on the same day as the conference call.

TRxADE Health (NASDAQMEDS), a health-services IT company focused on digitalizing the retail pharmacy experience by optimizing drug procurement, the prescription journey and patient engagement in the United States, is reporting its financial results for the year ending Dec. 31, 2022. Highlights of the report include consolidated revenues of $11.4 million, a 16.4% increase compared to FY 2021; an increase in gross profits of $0.7 million for FY 2022 compared to 2021; and a slight drop in operating expenses. Other noteworthy numbers for 2022 include the TRxADE platform increasing its registered users by 8% and an improvement in gross margin for TRxADE Prime, from a negative 12% in 2021 to a positive 1% in 2022. “[The year] 2022 was an exciting and challenging time for TRxADE,” said TRxADE Health founder and CEO Suren Ajjarapu in the press release. “We continue to focus the company’s strategic plans and partnerships, working towards creating sustainable value for our stockholders. I am pleased with the growth we have experienced in our TRxADE platform. We continue to achieve key milestones in our internal roadmap with a focus on innovation and development through our various complementary growth opportunities.”