Miami,FL – May 11, 2023 – Progressive CareInc. (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 NextPlatCorp (NASDAQ: NXPL, NXPLW) (“NextPlat”), a global e-commerce provider.
Inconnection with the $1 million investment, the Company sold to NextPlat 455,000newly issued Units, with each Unit comprised of one share of the Company’scommon stock and one Warrant to purchase a share of common stock and a per Unitpurchase price of $2.20. In addition, Charles M. Fernandez, who serves asChairman and CEO of both Progressive Care and Nextplat, Rodney Barreto,Vice-Chairman of Progressive Care and Director of the Board of NextPlat andcertain other holders of convertible note issued by Progressive Care agreed toconvert the approximately $2.9 million of outstanding principal and accrued andunpaid interest under the note to shares of Progressive Care’s Common Stock ata 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, andArentFox Schiff LLP, Washington, DC, served as counsel to NextPlat.
Followingthe closing of the Unit Purchase and the Debt Conversion, the Progressive Carepreferred and common stock owned by NextPlat represents approximately 38.4% ofProgressive Care’s total outstanding voting securities.
ProgressiveCare Inc., through its subsidiaries, is a Florida health services organizationand provider of Third-Party Administration (TPA), data management, COVID-19related diagnostics and vaccinations, 340B contracted pharmacy services,prescription pharmaceuticals, compounded medications, provider of tele-pharmacyservices, the sale of anti-retroviral medications, medication therapymanagement (MTM), the supply of prescription medications to long-term carefacilities, and health practice risk management.
Forward-LookingStatements contained herein that are not based upon current or historical factare forward-looking in nature and constitute forward-looking statements withinthe meaning of Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934. Such forward-looking statements reflect theCompany’s expectations about its future operating results, performance, andopportunities that involve substantial risks and uncertainties. When usedherein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,”“target,” “intend” and “expect” and similar expressions, as they relate toProgressive Care Inc., its subsidiaries, or its management, are intended to identifysuch forward-looking statements. These forward-looking statements are based oninformation currently available to the Company and are subject to a number ofrisks, uncertainties, and other factors discussed in our Annual Report on Form10-K for the year ended December 31, 2022 that could cause the Company’s actualresults, performance, prospects, and opportunities to differ materially fromthose expressed in, or implied by, these forward-looking statements.
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