NowRx did several investor webinars when they raised money and Cary diligently answered questions on SeedInvest to suck in all the money from Investors. No communication from Cary/NOWRX after 2 days of news of Alto announcement is not looking good. I hope some one creates a group/discord channel and add all NowRx investors so a lawsuit can be filed.
It´s bad cost management - I have lost $4K and I´m questioning how such a great idea could have gone wrong. I guess it´s mismanagement after all. Founders tend to have a good starting idea but seldom have the skills to run a company when it reaches a certain level in terms of size and scope. They tend to fail brining more experienced people on board as they believe "know it all"
We all understand crowdfunding is a huge risk. However, the diligence of the founders in keeping their investors fully and timely informed makes all the difference in the world. This was not handled well. I also share the concern i”that in the most recent webinars, the burn rate and potential failure of the company was not disclosed or discussed.
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
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I believe that NowRX Misled investors and should be held Liable! I suspect foul play, fraud, etc.. Why is NowRX taking so long to pay out their Shareholders?? Is there a current lawsuit against them?
NowRx did several investor webinars when they raised money and Cary diligently answered questions on SeedInvest to suck in all the money from Investors. No communication from Cary/NOWRX after 2 days of news of Alto announcement is not looking good. I hope some one creates a group/discord channel and add all NowRx investors so a lawsuit can be filed.
Cary Breese could have sent an email saying “details to follow.” Instead he doesn’t even have the common decency to write that. Fuck him.
I find it difficult to believe that the company burned through $25m of funds raised in less than 6 months… something smells very fishy here.
It´s bad cost management - I have lost $4K and I´m questioning how such a great idea could have gone wrong. I guess it´s mismanagement after all. Founders tend to have a good starting idea but seldom have the skills to run a company when it reaches a certain level in terms of size and scope. They tend to fail brining more experienced people on board as they believe "know it all"
We all understand crowdfunding is a huge risk. However, the diligence of the founders in keeping their investors fully and timely informed makes all the difference in the world. This was not handled well. I also share the concern i”that in the most recent webinars, the burn rate and potential failure of the company was not disclosed or discussed.
Sent today.
Dear NowRx Investor/Shareholder,
You may have seen our recent announcement about Alto Pharmacy acquiring the business of NowRx, a copy of which can be found at this link: https://www.businesswire.com/news/home/20221130005411/en/NowRx%E2%80%99s-Pharmacy-Patient-Business-Acquired-by-Alto-Pharmacy.
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
nowrx-white-logo
Free prescription delivery right to your door in hours.
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NowRx Inc., A Better Pharmacy, Mountain View, CA
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I believe that NowRX Misled investors and should be held Liable! I suspect foul play, fraud, etc.. Why is NowRX taking so long to pay out their Shareholders?? Is there a current lawsuit against them?