Rockwell Medical, Inc. Offered $15 Million by Medical Resource Acquisition Group, LLC
Investment firm Intends to provide RMTI with Adequate Cash and New Directors
Medical Resource Acquisition Group, LLC, (MRAG)
An investment firm focused on disruptive technologies in the healthcare space, offered Rockwell Medical, Inc. (NASDAQ: RMTI), on February 25, 2020, equity funding of $15 million for the board seats of current Directors John Cooper, Mark Ravich and Lisa Colleran, who may (or may not) be put up for reelection at the Company’s upcoming annual shareholder meeting.
MRAG believes the Rockwell Medical management team and Board of Directors’ failure to provide appropriate governance has led to reckless spending, a cash deficiency and a lack of operational controls resulting in poor stock performance. Part of the group who has overseen the destruction in value of the RMTI share price includes, John Cooper, Mark Ravich and Lisa Colleran, who have been a distraction for the Board and have hindered the conception, adoption and execution of a much needed dynamic and innovative strategy for Rockwell Medical. Director Ben Wolin resigned from his position on February 28, 2020, three days after the Company received the $15 million offer and notice of a possible proxy battle from MRAG.