- Pharmaceutical
services business Trxade Group Inc. recently announced its uplisting to
the Nasdaq Capital Market and will ring the exchange’s opening bell this
Friday, February 28, 2020
- The
ringing of the opening bell will be broadcast live at 9:30 a.m. EST from
the Nasdaq’s Times Square market site in New York City
- The
company will cease trading on the OTC market and phase out its ‘TRXD’
ticker as part of the move, transitioning to new Nasdaq ticker ‘MEDS’
- Trxade
Group is a pioneer in building a supplier-to-pharmacy platform that helps
small, independent businesses be competitive with larger chains by
sourcing drugs at discount prices, building consumer confidence through
transparency in operations
- The
company’s network of pharmaceutical partners continues to expand, aiming
to eventually reach most, if not all, of the nation’s 24,000 independent
pharmacies
Pharmacy services B2B innovator Trxade Group Inc. (NASDAQ: MEDS) will ring the Nasdaq
opening bell Friday, February 28, to celebrate the supplier-to-pharmacy
business’s uplisting to the Capital Market exchange, which the company
announced February 13.
As one circumstance of the move, Trxade will begin trading
under the ticker MEDS and will phase out its previously existing OTC common
stock symbol, ‘TRXD’. The iconic ringing of the bell represents a significant
milestone for companies and an opportunity for them to celebrate their
achievements in front of a global audience. The bell ringing will be broadcast
live via satellite at 9:30 a.m. from the Nasdaq’s Time Square market site in
New York City, following an hour of lead-up promotional events with Nasdaq
senior executives.
“We’ve been under the radar for a long time. We’re trying to
create visibility among the investor base by doing the right thing,” CEO Suren
Ajjarapu stated late last year following completion of an agreement between its
subsidiary Bonum Health and Benzer Pharmacy to create a network of ‘Bonum
Health Hub’ units in small towns and rural areas as part of the lead-up to the
Nasdaq listing (http://ibn.fm/cO5VE).
The company recently completed a firm commitment public
offering of 806,452 shares of its common stock following a voter-approved
reverse stock split. Trxade expects to gain gross proceeds of $5.2 million from
the sale of common stock in the offering, minus standard expenses tied to the
offering.
Trxade Group relishes its role as a health care industry
influencer intent on enabling price transparency and increased profit margins
to health care buyers and sellers of pharmaceuticals, particularly the nation’s
independent pharmacies that serve small, close-knit communities.
The company anticipates using the net proceeds of the public
offering for its own general corporate purposes and possibly to fund
acquisitions of other companies, products or technologies – part of Trxade’s
strategy for increasing shareholder value and advancing its business model.
Trxade’s network of platform clients includes nearly 11,900
independent pharmacies registered and the company aims to continuously grow the
size of the network until most, if not all, of the nation’s 24,000 independent
pharmacies are represented with a combined annual purchasing power of more than
$92 billion to help them compete with larger pharmaceutical companies.
“During the third quarter of 2019, we made excellent
progress in our core proprietary B2B trading platform www.trxade.com, which enables
independent pharmacies to purchase drugs at discount prices compared to their
primaries, enabling us to experience top and bottom line growth,” Ajjarapu
stated (http://ibn.fm/Yau0t).
“Additionally, we are investing in core infrastructure for our B-to-C
(Community Specialty Pharmacy) business in our wholesale, e-commerce and
delivery capabilities as increasing pharmaceutical prices drive independent
pharmacies, payors and consumers to be more aggressive in sourcing medication.”
For more information, visit the company’s website at www.TrxadeGroup.com
NOTE TO INVESTORS: The latest news and updates
relating to MEDS are available in the company’s newsroom at http://ibn.fm/MEDS
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