Progressive Care Inc (RXMD)

[stockforce]

Fernandez and Barreto invested tens of millions of their own dollars in NextPlat and became the company's CEO and Director. Ellenoff invested 0 of his own dollars in the company and was appointed as Vice Chairman and Chief Business Development Strategist and given millions of shares. Why?

https://ir.nextplat.com/news-events/press-releases/detail/82/orbsat-corp-expands-focus-on-e-commerce-with-appointments

Mr. Fernandez, said, "David Phipps and I are honored and excited to welcome Douglas at what is a critical inflection point in our corporate development. Supported by over $14 million in new growth capital to strengthen the balance sheet and significant second quarter revenue growth, we intend to further capitalize on the strength and scale of our online business model. The addition of Douglas Ellenoff is an important initial step in our transition to becoming a global e-commerce platform company with revenue opportunities across various high-growth sectors of the e-commerce space."

All is planned. NextPlat is the ONLY company where he's holding a position other than his own companies. His resume makes it no more need to speculate why a prominent investor like him would have decided to join NextPlat. There can be only one reason.

"Douglas S. Ellenoff, a member of Ellenoff Grossman & Schole LLP since its founding in 1992, is a corporate and securities attorney with a focus on business transactions and corporate financings. The Firm, which consists of nearly 80 lawyers, has established itself as a leader in various capital market initiatives, such as, Crowdfunding, SPACs, PIPEs and Registered Direct offerings. He is also Chairman and Co-Founder of iDisclose, an online application for entrepreneurs and small businesses. iDisclose may be deemed to be an ancillary business of the law firm, which indirectly through an investment holding company, has an ownership interest in the business opportunity.

During his career, he has represented numerous entreprenuers, broker-dealers, investor groups and many corporations involved in the capital formation process. In the last few years alone, he has been involved at various stages in numerous registered public offerings, including 100 financings and, with other members of his firm, over 500 private placements into public companies (see PIPEs and Venture Capital), representing either the issuers of those securities or the registered broker-dealers acting as placement agent. Along with other members of his Firm, Mr. Ellenoff has been involved at various stages with 125 registered blind pool offerings (commonly referred to as "SPACs") and 25 sizable SPACquisitions (the M&A component). With respect to Crowdfunding, he is actively engaged with clients (funding portals, broker-dealers, technology solution providers, software developers, investors and entrepreneurs)-- he has been to both the SEC and FINRA numerous times to discuss the proposed rules. He also provides counsel with regard to their respective ongoing (SEC, AMEX and NASD) regulatory compliance. Mr. Ellenoff has represented public companies in connection with their initial public offerings, secondary public offerings and regulatory compliance."

https://www.linkedin.com/in/douglas-ellenoff-588b682/