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Her background description does not even mention one word of Progressive Care, the company she has been serving as the CFO for the past two years. That’s total discrimination towards us. LOL
NextPlat has updated their website. Progressive Care’s CFO is now NextPlat’s CFO.
https://ir.nextplat.com/company-information/management-and-advisors
Charles said they want to digitally transform the healthcare industry. This is a huge goal beyond Progressive Care.
TBH, this might be a safer way to get us listed on Nasdaq. Both SPAC and RS are risky.
For that RS question, they said their goal is to uplist to Nasdaq, but totally dodged the question on what their plan will be if they couldn’t make it by the due date in Feb 2023.
For the Salesforce question, they said this is for future expansion.
They said the change of the RSUs agreement was performance based. LOL. Jay resigned.
Damn, this is shockingly a similar scenario I had dreamt about with Net Element. Well, NextPlat actually is a much better partner.
When asked about SPAC, they said the current market is not in a favourable condition. So they did consider this option before, it’s just the timing is not good yet. As to S-1, they didn’t give any timeline at all. So yes, a merger of the two might be the way they will go.
"Pursuant to the Munnik Employment Agreement, that until June 20, 2023, Ms. Munnik will devote 30% of her business time to the Company and will devote the remaining 70% to Progressive Care. Starting on July 1, 2023, Ms. Munnik will devote all of her full business time and effort to the performance of her duties as the Chief Financial Officer of the Company. Ms. Munnik will receive an annual base salary of $67,500 from the commencement of her employment with the Company until June 30, 2023. Thereafter, commencing on July 1, 2023, Ms. Munnik will receive an annual base salary of $225,000."
So after July 1, 2023, She will be full time CFO at NextPlat, and 0% at Progressive Care. LOL
The next one is Birute.
Does this look like the two companies are merging?
Wow! That's a lot of interesting interchanging positions! Cecil now is NextPlat CFO, and Bedwell is the CCO of NextPlat. Let me digest this a little more. Great news!
“NextPlat intends to play a significant role in the future management, operations, and financing decisions of Progressive Care”. New CEO, COO, SPAC.
They will muddle through.
For question 4, if they choose to not ask this question, this means my guess is right. If they ask but do not answer directly and muddle through, then my guess is still right. If they clearly say this has nothing to do with their future employment status, then I am wrong.
One more: 6. There are many other lower cost CRM systems in the market. Why did you choose Salesforce? What are your long-term strategies by integrating this platform in your current system? Does this mean the company is preparing for a nationwide expansion?
My questions for the CC:
1. What’s the current status of the S-1 filing?
2. Will the company consider raising capital through merger with a SPAC as an alternative way to a traditional IPO for the uplist?
3. When will NextPlat Digital Platform be launched? What kind of Pharmco pharmacy products will be sold on this platform? What’s company’s long-term goal utilising this platform?
4. Why did the company change the CEO and COO’s Restricted Share Units Agreement and made their RSUs vested immediately? Does this have anything to do with their future employment status?
5. The current reverse split proxy will expire in February 2023. What’s the company’s plan if they are unable to uplist before the due date?
Any other questions?
Wilco Source is a trusted Salesforce Partner since 2014 with a history of success in healthcare and life sciences. Wilco Source started with a vision… That vision was to change the way Salesforce was being delivered to organizations in healthcare and life sciences.
Today, CitiusTech Acquires Wilco Source, Expands Specialized Salesforce Capabilities for Healthcare & Life Sciences.
https://wilcosource.com/?gclid=CjwKCAiAvK2bBhB8EiwAZUbP1CyfQ0Ul472GQB-P8AVrEckJ_khJHrxFy2bpuec0kHXI8QajGCJ0SxoCgYsQAvD_BwE
https://www.businesswire.com/news/home/20221109005697/en/CitiusTech-Acquires-Wilco-Source-Expands-Specialized-Salesforce-Capabilities-for-Healthcare-Life-Sciences
Salesforce for Healthcare:
https://www.salesforce.com/resources/healthcare-life-sciences/#!page=1&tags=customer_story
Humana, United Healthcare and many others are also using Salesforce.
S-1 is needed for a company to go public so they can let the public know how many shares will be issued on an exchange before an IPO. 13D shows beneficial ownership, which can be a part of pre-IPO offering. However, I don’t think this is all that they want to get from the market.
Only the 14M options are dependent upon "a qualified offering" and "pursuant to the option agreement". But the 15M RSUs are ONLY pursuant to the RSU agreement and not dependent on a "qualified offering", which was not mentioned in this paragraph. BTW, RSUs were not distributed to Armen. I still believe Jay and Birute's RSUs were given to them as vested because of pending job terminations.
"Mr. Weisberg will receive options to purchase up to fourteen million one hundred thousand (14,100,000) shares upon a qualified offering pursuant to the provisions of an option agreement and up to fifteen million (15,000,000) restricted stock units pursuant to the provisions of a restricted stock unit agreement. Should the current offering be completed, it will be considered a qualified offering pursuant to the terms of the employment agreement".
"bonus shares listed in the S-1 have been distributed, payable if the offering is completed". - I don't quite understand. What exactly are Bonus shares? RSUs? Where in the S-1 says bonus shares will be "payable if the offering is completed"?
That will be a great question.
I will ask them if they are considering SPAC for the uplist.
Charles and Rodney will speak for sure. They are the absolute majority owners of the company.
No more. They are gone. Not even allowed to hold any shares after 11/7 according to the 8K that was filed on 9/7.
Do you read this board?
Explanation of Responses:
(1) RSUs immediately vested and were accelerated pursuant to approval by the Compensation Committee and the Board of Directors of the Company.
https://www.otcmarkets.com/filing/html?id=16180223&guid=Gm_-kapzYHRVdth
https://www.otcmarkets.com/filing/html?id=16179190&guid=Gm_-kapzYHRVdth
Charles and Rodney dominate the Board of Directors. They approved the immediate vesting of the RSUs. They obviously know what they are doing as the new owners of the company. They do not waste their money away for nothing.
Who will be the new CEO and COO? This will be really exciting.
"With restricted stock and restricted stock units, upon job termination you almost always forfeit whatever stock has not vested." I think this is the reason why the CEO and COO's RSUs were changed to vested immediately. They will leave very soon.
https://www.mystockoptions.com/articles/job-loss-and-your-stock-grants-part-1-options-restricted-stock-and-espps#:~:text=With%20restricted%20stock%20and%20restricted,%2C%20retirement%2C%20or%20an%20acquisition.
Let's not assume they did this just for the convenience not having to pay even higher taxes in the future if they think stock price will go up dramatically in the near future because that will be considered as illegal insider trading. So, what's the reason?
The tax on 15M restricted shares (RSUs) at 4c will be about 50%! That's $300,000 tax Jay has to pay just for the vested restricted shares. The COO Birute needs to pay a lump sum tax for her 5M vested shares too. Why would they do this if their original employment agreements were a graded vesting plan? Why would they agree to change the agreement and make all these RSUs vested immediately?
Armen was also granted 15M RSUs with them in November 2021. He did not change his graded vesting plan for these shares according to the previous 8K.
https://www.otcmarkets.com/filing/html?id=16134209&guid=nR_-kFbSbJNRB3h
How Are Restricted Share Units (RSUs) Taxed?
They are taxed as ordinary income at federal and state tax rates, with taxes due once the RSUs become vested and are assigned a value.
https://www.investopedia.com/articles/financial-advisors/110915/restricted-stock-units-what-know.asp
Just like I said on Wednesday, 15M restricted shares became vested on 10/7. Now wait for these two guys to leave.
Agreed. NextPlat and Charles etc.'s deep investment in Progressive Care is the anchor for future investors, whether it will be from IPO or from SPAC. The IPO is not appealing to me simply because of the ugly RS looming around. The SPAC does have much more advantages than RS IPO.
Because nobody really knows. lol
Actually the biggest drive for this alternative is Nobody wants RS. None, including Armen, Charles and the whole management.
There is. I have explained many times. The biggest indicator is from SPAC Consultants. Every single one of their news on their website is a SPAC news. The only one that did not specifically say SPAC was the NextPlat/Progressive Investment news that was posted on their website on Sept. 1.
https://spacconsultants.com/daily-spac-news/4/
SPAC files S-4 for shareholder approval, then super 8-K from the target company.
Employment Agreement by and between Alan Jay Weisberg and the Company dated as of November 22, 2021
Mr. Weisberg will receive options to purchase up to fourteen million one hundred thousand (14,100,000) shares upon a qualified offering pursuant to the provisions of an option agreement and up to fifteen million (15,000,000) restricted stock units pursuant to the provisions of a restricted stock unit agreement.
Employment Agreement by and between Birute Norkute and the Company dated as of November 22, 2021
Mrs. Norkute will receive options to purchase up to five million (5,000,000) shares upon a qualified offering pursuant to the provisions of an option agreement and up to five million (5,000,000) restricted stock units pursuant to the provisions of a restricted stock unit agreement.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=170202848