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Regional Health Properties, Inc. (OTCQB:RHEP) announced that on Tuesday, holders of its common stock approved a proposal to adjourn a special meeting originally convened to vote on matters related to the company’s proposed merger with SunLink Health Systems, Inc. The adjournment was approved to allow additional time for soliciting votes on the Regional Merger Proposal and the Regional Share Issuance Proposal.
According to a statement based on a Securities and Exchange Commission filing, the special meeting will reconvene at 1050 Crown Pointe Parkway, Atlanta, Georgia, on Monday, August 4, 2025, at 10:00 a.m. Eastern Time. The record date for determining shareholders entitled to vote at the reconvened meeting remains June 20, 2025. The company, which generated revenue of $20.69 million in the last twelve months with a gross profit margin of 43.24%, faces some financial challenges according to InvestingPro analysis.
Voting results for the adjournment proposal showed 1,043,581 shares voted in favor, 298,162 against, and 13,382 abstentions. There were no broker non-votes reported.
Proxies previously submitted for the July 29 meeting will continue to be counted at the reconvened session, and shareholders are not required to submit new proxies unless they wish to change their vote. The proposed merger, which would result in SunLink merging with and into Regional Health Properties with Regional as the surviving corporation, remains subject to shareholder approval.
Regional Health Properties’ common stock and Series A Redeemable Preferred Shares, previously listed on NYSE American, now trade on the OTCQB under the symbols RHEP and RHEPA, respectively.
This article is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Regional Health Properties, Inc. reported that it received two unsolicited acquisition proposals amidst its planned merger with SunLink Health Systems, Inc. One of these proposals involved a third party offering to acquire all of Regional Health Properties’ assets, assuming certain mortgage loans, and paying $4.00 per share for the company’s outstanding common stock. However, the board of directors reviewed and rejected the proposal, determining it was not superior to the existing merger agreement with SunLink. In addition, Regional Health Properties is facing a shareholder lawsuit related to this merger. To address procedural delays, Regional Health Properties and SunLink Health Systems have agreed to extend the deadline for their merger to August 11, 2025, from the previously set date of June 30, 2025. This extension aims to allow more time to obtain the necessary shareholder approvals. The amendment also includes a clarifying change to the agreement. These developments are part of the ongoing efforts to finalize the merger between the two companies.
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