Progressive Care Stock to Cease Trading Today,
October 1, 2024
COCONUT
GROVE, Fla., Oct. 1, 2024
/PRNewswire/ -- NextPlat Corp (NASDAQ: NXPL, NXPLW)
("NextPlat" or the "Company"), a global e-Commerce provider, today
announced that following shareholder approvals, it has completed
the proposed Merger Agreement and Plan of Reorganization ("the
Merger") pursuant to which Progressive Care Inc. ("Progressive
Care"), a controlled subsidiary of the Company, has become a
wholly-owned subsidiary of the Company (the "Business
Combination"). As a result of the Merger and Business Combination,
Progressive Care's common stock has ceased trading on the OTCQB
exchange effective today.
"The completion of our merger and business combination with
Progressive Care creates a unified company focused on generating
continued growth in large domestic and global markets for
healthcare services, technology and personal health and wellness.
Through the first half of 2024, each of our business operations
have successfully generated strong top-line growth and steadily
improving operational performance, and through elimination of
redundancies, business integration and the launch of new products
planned throughout next year, we expect to produce continued
improvements in our consolidated financial performance," said
Charles M. Fernandez, Executive
Chairman and CEO of NextPlat Corp.
Under terms of the Merger Agreement, Progressive Care
shareholders received 1.4865 newly issued shares of NextPlat common
stock for each share of Progressive Care common stock they own
immediately prior to the effective time of the Business
Combination. The exchange of shares was conducted automatically for
shares of Progressive Care common stock held in brokerage and
retirement accounts. All Progressive Care shareholders who hold
physical stock certificates are requested to promptly contact
NextPlat's transfer agent, Equity Stock Transfer, for transfer and
delivery instructions. Equity Stock Transfer can be reached at 237
W 37th St, Suite 601, New York, NY
10018 or via telephone at 917-746-4597 and e-mail at
info@equitystock.com.
About NextPlat Corp
NextPlat is a global e-commerce
platform company created to capitalize on multiple high-growth
sectors and markets including technology and healthcare. Through
acquisitions, joint ventures and collaborations, the Company
intends to assist businesses in selling their goods online,
domestically, and internationally, allowing customers and partners
to optimize their e-commerce presence and revenue. NextPlat
currently operates an e-commerce communications division offering
voice, data, tracking, and IoT products and services worldwide as
well as pharmacy and healthcare data management services in
the United States through its
subsidiary, Progressive Care Inc.
About Progressive Care
Progressive Care
Inc., through its subsidiaries, is a Florida health services organization and
provider of Third-Party Administration (TPA), data management,
COVID-19 related diagnostics and vaccinations, 340B contracted pharmacy services, prescription
pharmaceuticals, compounded medications, provider of tele-pharmacy
services, the sale of anti-retroviral medications, medication
therapy management (MTM), the supply of prescription medications to
long-term care facilities, and health practice risk management.
Forward-Looking Statements
Certain statements in this
release constitute forward-looking statements. These statements
include the capabilities and success of the Company's business and
any of its products, services or solutions. The words "believe,"
"forecast," "project," "intend," "expect," "plan," "should,"
"would," and similar expressions and all statements, which are not
historical facts, are intended to identify forward-looking
statements. These forward-looking statements involve and are
subject to known and unknown risks, uncertainties and other
factors, including the Company's ability to launch additional
e-commerce capabilities for consumer and healthcare products
and its ability to grow and expand as intended, any of which could
cause the Company to not achieve some or all of its goals or the
Company's previously reported actual results, performance (finance
or operating), including those expressed or implied by such
forward-looking statements. More detailed information about the
Company and the risk factors that may affect the realization of
forward-looking statements is set forth in the Company's filings
with the Securities and Exchange Commission (the "SEC"), copies of
which may be obtained from the SEC's website at www.sec.gov. The
Company assumes no, and hereby disclaims any, obligation to update
the forward-looking statements contained in this press release.
Media and Investor Contact for NextPlat
Corp:
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE NextPlat Corp.