NXPL - NextPlat completes $7M investment in Progressive Care

• E-commerce provider NextPlat ( NASDAQ: NXPL ) completed a strategic $7M investment in personalized healthcare services and technology company Progressive Care ( OTCQB:RXMD ).
• The former is set to purchase 3,000 newly issued $6M Progressive Care units as part of the recapitalization transaction. Each unit is comprised of one share of series B preferred stock and one warrant to purchase the share.
• NextPlat CEO Charles Fernandez, Board Member Rodney Barreto and certain other investors will invest an aggregate of $8.3M into Progressive Care.
• Additionally, these investors will purchase $2.3M of outstanding convertible debt from an existing holder. The purchasers have agreed to a fixed conversion price of $0.02 per share and removal of the blocker. The interest rate on the debt is also set to reduce to 5% per annum from 10%.
• Fernandez will be appointed chairman of Progressive Care, replacing Alan Jay Weisberg. Weisberg will assume the roles of vice chairman and CEO of the healthcare company.
• Barreto will also be joining the company's board as vice chairman.
• Dawson James Securities served as the placement agent for the transaction.
• NXPL shares were trading +5.62% pre-market.
• Source: Press Release

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