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TRxADE Health, Inc. (NASDAQ: MEDS) has announced a significant corporate change. The company, along with its wholly owned subsidiary Scienture, , will be rebranding as Scienture Holdings, Inc. effective Monday, September 23, 2024. This transformation extends to the stock market, where the company will begin trading under the new ticker symbol NASDAQ:SCNX on the same date.
This name change represents a strategic shift for the company, potentially aligning its corporate identity more closely with its subsidiary's operations. The move could signal a new direction or focus for the business, though specific reasons for the change were not provided in the announcement.
TRxADE Health (NASDAQ: MEDS) has announced changes to the executive leadership team of its subsidiary, Scienture. Narasimhan Mani, Ph.D., MBA has been appointed as Scienture's President, bringing over 25 years of experience in the pharmaceutical industry. Shankar Hariharan, Ph.D., the current President and CEO, will remain as CEO. Rahul Surana, Ph.D., MBA has been promoted to Executive VP and COO.
Dr. Mani's extensive experience includes roles at New Rhein Healthcare Investors, Kesin Pharma, Xiromed , and Amneal Pharmaceuticals. Dr. Hariharan, the founder of Scienture, has over 37 years of experience in the pharmaceutical industry, having held leadership positions at Forest Labs, Par Pharmaceuticals, and Amneal Pharmaceuticals. These leadership changes aim to expand capabilities and drive growth as Scienture prepares for upcoming specialty portfolio launches.
TRxADE Health, Inc. (Nasdaq: MEDS) and Scienture, Inc. have announced the closing of their business combination in an all-stock transaction valued at $103 million. TRxADE acquired all of Scienture's assets in exchange for shares of TRxADE stock, including common stock and non-voting convertible preferred stock. The combined company, to be renamed Scienture Holdings, Inc., will focus on bringing innovative branded and specialty pharmaceutical products to market.
The merger aims to enhance patient care and add value to the healthcare system. Scienture's portfolio is supported by an experienced leadership team with expertise in various aspects of pharmaceutical development and commercialization. The company's patient-centric approach targets a wide range of therapeutic areas, with a commitment to improving health outcomes for patients, physicians, and other healthcare stakeholders.
TRxADE Health has declared a special cash dividend of $1.50 per share. This dividend will be paid to shareholders of record as of July 19, 2024, and distributed around July 24, 2024. The funds for this dividend stem from the proceeds of the asset sale of the Company’s web-based market platform in May 2024.
TRxADE Health has announced the filing of its Q1 2024 10-Q report, demonstrating compliance with Nasdaq listing rules and reporting a net income of over $21 million. This significant profit stems from the sale of nearly all assets of its subsidiary, Trxade, Inc., to Micro Merchant Systems, Inc. for $22.66 million. An additional payment of $7.5 million was received in May 2024. The company had previously received a notice of noncompliance from Nasdaq due to a delay in filing the report, but believes it has now rectified the issue.
On May 23, 2024, TRxADE Health received a notice from the Nasdaq Listing Qualifications Department regarding a late filing of its Quarterly Report on Form 10-Q for the period ending March 31, 2024. This notice indicates non-compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely filing of periodic reports. The company must present a compliance plan by July 22, 2024. If accepted, Nasdaq might grant an extension until November 18, 2024, to regain compliance. This notice does not immediately affect the listing or trading of TRxADE Health's stock. The company is working to file the Form 10-Q as soon as possible.
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