Progressive Care (OTCQB: RXMD), a personalized healthcare services and technology provider, has announced its successful completion of a transaction of $1 million investment from NextPlat (NASDAQ: NXPL, NXPLW), a global e-commerce provider. In connection with the $1 million investment, the company sold to NextPlat 455,000 newly issued units, with each 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 Progressive Care convertible note holders, 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 the transaction. Lucosky Brookman, New York, NY, acted as counsel to the company and ArentFox Schiff LLP, Washington, D.C., served as counsel to NextPlat.
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About Progressive Care Inc.
Progressive Care, 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, 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.
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