- 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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