Progressive Care Inc (RXMD)

[stockforce]

Okay, let me explain in plain English. Forget about those attorney language.

Armen, as the founder of Progressive Care and the biggest shareholder of the company (owns 43M common shares and 51 Series A preferred shares), has finally decided, for the benefit of retail shareholders and the future of the company, to raise $8.8M in exchange of company's Series B preferred shares (3000 total) and common shares (worth $2.8M). $2.8M is used to pay off the Iliad convertible debt. $6M will be used to revolutionize the company's business model by fully developing its own e-health platform (Telehealth, RPM, data analytics etc.) and positioning itself at the very frontier of the next generation blockchain WEB3 for healthcare industry. Together with Progressive Care's current 20K patient base and $40M revenue, this new partnership will set the company free from PBMs' ridiculous fees and will make huge profit at much higher margins than the traditional prescription business model.

The new partner, NextPlat, a Nasdaq company, has seen the great potential in Progressive Care. They have tremendous expertise in e-commerce. Their vision is to expand beyond its current global network of online storefronts serving thousands of consumers, enterprises, and governments. NextPlat intends to develop a next generation platform for digital assets built for Web3.
https://d1io3yog0oux5.cloudfront.net/_826ef6f9a037fbe66d80b510efb7cb97/orbitaltracking/db/231/1680/pdf/NextPlat+Introduction+-+Feb+22.pdf

NextPlat invested $7M cash in Progressive Care for this purpose. Their directors and certain other investors put in another $1.8M, including Charles Fernandes and Rodney Barreto. "Their team’s unique abilities to innovate and develop leading-edge technologies will help the company grow faster, meeting the needs of the complex healthcare space. Together, we will continue to reinforce our dedication to patients, providers, and technologies that will deliver improved customer service, cost savings and enhanced outcomes for patients nationwide."
https://www.progressivecareus.com/post/progressive-care-announces-completion-of-strategic-transaction-with-nextplat

So, NextPlat has become Progressive Care's biggest shareholder and has an absolute majority voting right on the company's new board. Charles is the new Chairman. They will pick a new CEO to replace Jay.