Progressive Care Inc. Announces
Additional $1 Million Investment from NextPlat Corp.
MIAMI, FL -- May 12, 2023 -- InvestorsHub NewsWire
-- Progressive Care Inc.
(OTCQB:
RXMD) ("Progressive Care" or the "Company"), a personalized
healthcare services and technology provider, today announced that
it has successfully completed a transaction of $1 million
investment from NextPlat Corp (NASDAQ: NXPL, NXPLW) ("NextPlat"), a
global e-commerce provider.
In connection with
the $1 million investment, the Company sold to NextPlat 455,000
newly issued Units, with each Unit comprised of one share of the
Company's common stock and one Warrant to purchase a share of
common stock and a per Unit purchase price of $2.20. In addition,
Charles M. Fernandez, who serves as Chairman and CEO of both
Progressive Care and Nextplat, Rodney Barreto, Vice-Chairman of
Progressive Care and Director of the Board of NextPlat, and certain
other holders of convertible notes 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. ("Dawson") served as an
advisor for this transaction. Lucosky Brookman, New York, NY, acted
as counsel to the Company in connection with the transaction, and
ArentFox Schiff LLP, Washington, DC, served as counsel to
NextPlat.
Following the
closing of the Unit Purchase and the Debt Conversion, the
Progressive Care preferred and common stock owned by NextPlat
represents approximately 38.4% of Progressive Care's total
outstanding voting securities.
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
Forward-Looking
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance, and
opportunities that involve substantial risks and uncertainties.
When used herein, the words "anticipate," "believe," "estimate,"
"upcoming," "plan," "target," "intend" and "expect" and similar
expressions, as they relate to Progressive Care Inc., its
subsidiaries, or its management, are intended to identify such
forward-looking statements. These forward-looking statements are
based on information currently available to the Company and are
subject to a number of risks, uncertainties, and other factors
discussed in our Annual Report on Form 10-K for the year ended
December 31, 2022 that could cause the Company's actual results,
performance, prospects, and opportunities to differ materially from
those expressed in, or implied by, these forward-looking
statements.
Public
Relations Contact
Carlos
Rangel
carlosr@pharmcorx.com