NextPlat Corp (NXPL)

[Charlie V]

https://ir.nextplat.com/news-events/press-releases/detail/103/nextplat-strengthens-ties-to-progressive-care-inc
8K https://www.sec.gov/Archives/edgar/data/1058307/000149315223016251/form8-k.htm

NextPlat Strengthens Ties to Progressive Care Inc. Investing an additional $1 Million; and Explores the Possible Spinoff of its Global Telesat and Orbital Satcom Business Units
MAY 11, 2023 6:30AM EDT

COCONUT GROVE, FL / ACCESSWIRE / May 11, 2023 / NextPlat Corp (NASDAQ:NXPL)( NASDAQ:NXPLW) ("NextPlat" or the "Company"), a global e-commerce provider today announced that it has completed an additional $1 million investment in Progressive Care Inc. (OTCQB: RXMD), a personalized healthcare services and technology company ("Progressive Care").

In connection with the $1 million investment, NextPlat purchased 455,000 newly issued Units of Progressive Care, with each Unit comprised of one share of Progressive Care's Common Stock and one Warrant to purchase a share of Common Stock at a per Unit purchase price of $2.20. In addition, NextPlat Corp, Messrs. Fernandez and Barreto, and certain other holders of convertible note issued by Progressive Care agreed to convert the approximately $2.9 million of outstanding principal and accrued and unpaid interest under the note to shares of Progressive Care's Common Stock at a conversion price of $2.20 per share. Dawson James Securities Inc. served as an advisor for this transaction. ArentFox Schiff LLP, Washington, DC, acted as counsel to the Company in connection with the transaction, and Lucosky Brookman, New York, NY, served as counsel to Progressive Care.

The transaction further solidifies NextPlat's position as a controlling shareholder of Progressive Care. Following the closing of the transaction, NextPlat owns Progressive Care Common and Preferred Stock representing approximately 38.4% of Progressive Care's total outstanding voting securities. The Company expects to exercise and/or convert such portion of its convertible and exercisable Progressive Care securities to increase its equity holdings in Progressive Care to more than 50% of its issued and outstanding voting securities. The Company expects that Progressive Care's pharmacy, healthcare services and technology businesses will be an important component of the Company's continued evolution as a global e-commerce platform.

Separately, the Company has engaged Dawson James Securities, Inc. to advise the Company in connection with its consideration of a possible spinoff of its Global Telesat Communications Ltd and Orbital Satcom Corp business units as the Company continues its evolution as a global e-commerce and technology company.