Reliq Health Technologies (TSXV:RHT) is among healthcare technology penny stocks and is headquartered in Vancouver, BC. The company engages in the development and operation of mobile software solutions for the community care market.
Technology Penny Stock Drop and Rebound
Reliq Health announced that it ran into trouble this past Tuesday, and it restated certain financial information for the first quarter of 2018.
The decision to restate was followed by a review by the company’s auditor, where it was determined that the timing and certainty of receiving the revenue invoiced to clients is unclear. This is due to the clients’ issues with securing reimbursement from the payor.
“It is unfortunate that there has been such a steep learning curve for both Reliq and our clients in South Texas in terms of the claims submission process, but we have been working hard to address this issue and improve revenue collection going forward,” said Dr. Lisa Crossley, CEO of Reliq Health.
Crossley claims that the technology penny stock has faced plenty of challenges in South Texas relating to the highly manual nature of the current clients’ internal processes. Currently, the company states it is working quickly to automate a number of these processes.
Reliq Health will issue restated Q3 interim financial statements after the completed June 30th, 2018 audit, which will be filed on October 29th, 2018.
>> Cheap but Effective Stocks: 3 Cheap Stocks to Watch Out for!
Investor Warning
The Law Office of Howard G. Smith has just announced an investigation on behalf of the company’s investors, concerning possible violations of federal securities laws.
On the day the news was released about the restated financial information, Reliq stock shares plummeted and injured investors. This technology penny stock held a corporate update call yesterday afternoon, and it must have given its investors more confidence, due to its stock trading higher today.
RHT Stock Movement
Reliq shares dropped -64% to $0.27 a share after the restated financial information broke on Monday. However, the stock has rebounded full-fold since that time and is now seeing market gains. According to Yahoo Finance, the technology penny stock is currently trading at $0.79 a share, up +$0.22 (+33.90%).
Check back in for more technology penny stocks!
Featured Image: Depositphotos/© belchonock
