Sales from mobile devices increased 101% in the first quarter compared to the same quarter last year for more than 350 retailer clients of ...
PlanetRx.com gets prescription for cash
Editor in Chief
PlanetRx.com shareholders have granted management authority to access the previously secured $50 million in equity financing from Alpha Venture Capital Inc. The agreement allows PlanetRx.com to sell to Alpha, under certain conditions, up to $50 million in common stock any time during the next two years. In addition, shareholders approved the company's request for authority to execute an eight-for-one reverse stock split. Enactment of the reverse split will assist the company in maintaining the necessary share price for NASDAQ listing. The reverse stock split was effective Dec. 4. Pursuant to the agreement with Alpha Venture, shareholders also approved requests to amend the company's certificate of incorporation, thereby increasing the number of authorized shares of common stock from 100 million to 200 million shares.