Business Combination with NextPlat Corp
Approved by Shareholders with Anticipated Closing Date of
October 1, 2024
MIAMI, Sept. 16,
2024 /PRNewswire/ -- Progressive Care Inc. (OTCQB:
RXMD) ("Progressive Care" or the "Company"), a personalized
healthcare services and technology provider, today announced the
results of the Company's Special Meeting of Stockholders (the
"Special Meeting") held on September 13,
2024.
At the Special Meeting, shareholders were asked to vote on a
proposal to approve and adopt the Merger Agreement and Plan of
Reorganization pursuant to which the Company, a controlled
subsidiary of NextPlat Corp (Nasdaq: NXPL & NXPLW), would
become a wholly-owned subsidiary of NextPlat, and the
transactions contemplated thereby (the "Business Combination"). At
the Special Meeting, the Company's shareholders approved the
Business Combination.
Additionally, at NextPlat's Annual Meeting held on September 13, 2024, NextPlat's shareholders also
approved the Business Combination.
The Company expects the closing of the Business Combination to
occur on October 1, 2024, subject to
the satisfaction of additional closing conditions, at which point,
Progressive Care's common stock will cease to be
outstanding and Progressive Care will become a wholly-owned
subsidiary of NextPlat.
Under terms of the Merger Agreement, Progressive Care
shareholders will receive 1.4865 newly issued shares of
NextPlat's common stock for each share of Progressive Care common
stock they own immediately prior to the effectiveness of the
Business Combination. The exchange of shares will be 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.
The final voting results are available in the Current Report on
Form 8-K filed by Progressive Care on September 16, 2024, available at www.sec.gov and
on the Company's website.
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. Progressive Care, Inc. became a subsidiary of NextPlat
Corp. on July 1, 2023.
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.
Investor Contact for Progressive
Care
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE Progressive Care, Inc.