Just got this investor update for NowRX…
Dear NowRx Investor/Shareholder,
You may have seen our recent announcement about Alto Pharmacy acquiring the business of NowRx.
We want to provide the following additional information to help answer some of the questions that have been recently raised via email, text and social media.
To further clarify, effective November 30, 2022, Alto Pharmacy acquired patient files for NowRx’s California business. And, effective December 1, 2022, Capsule acquired patient files for NowRx’s Arizona business.
Following an exhaustive capital raise process, NowRx reached a point where it could no longer adequately serve our patients given the resources available, and a distressed transfer of the patient files became necessary in order to satisfy regulatory requirements with the California and Arizona Board of Pharmacies, as well as the DEA.
Unfortunately, the current economic climate (war in Ukraine, high inflation, continued supply chain issues, Fed rate hikes, substantial loss of value in NASDAQ, etc) significantly impacted NowRx’s performance and ability to raise additional capital to support its business, ultimately requiring NowRx to take steps to ensure that the needs of its customers would continue to be served without disruption.
NowRx, Inc. still owns further assets, beyond the patient files previously discussed, including but not limited to furniture, equipment, vehicles, and our proprietary software (QuickFill), which we are actively trying to sell.
In the coming weeks, there will be further communication regarding the results of the aforementioned actions, additional financial information, as well as information about your shares.
We appreciate your continued patience throughout this process.
Best regards,
Cary
@TickTock Not great considering they are supposedly one of the highest raises on SeedInvest. I thought these guys would get bought but not at fire sale prices.