NextPlat Corp (NXPL): M&A transaction — NextPlat Corp acquires majority control of Progressive Care (RXMD) via warrant exercises and voting agreement

NextPlat Corp

NextPlat exercised cashless warrants for 402,269 shares and cash warrants for 230,000 shares ($506,000 paid).
Charles Fernandez (Chairman/CEO) exercised cashless warrants for 211,470 shares; Rodney Barreto for 130,571 shares.
Aggregate holdings of NextPlat, Fernandez, and Barreto now represent 53% of Progressive Care's outstanding common stock.
A perpetual voting agreement ensures NextPlat controls >50% of voting interests, effective July 1, 2023.
Audited financials of Progressive Care (FY2022 and FY2021) and pro forma combined statements filed as exhibits.

item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

NextPlat Corp underwent a change of control involving Progressive Care Inc. (closed 2023-07-01).

Action: change of control
Counterparty: Progressive Care Inc.
Closing: 2023-07-01

Exact text from the filing

As a result of the common stock warrant purchases and the entry into the voting agreement, the Company concluded that there was a change in control of Progressive Care with the Company having the right to control more than 50 percent of the voting interests in Progressive Care as of July 1, 2023 through the concurrent warrant exercises and voting agreement noted above.

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31 m&a transactions filed in the last 30 days. Browse all m&a transactions →

NextPlat Corp filing history →

Source: SEC EDGAR

accession 0001437749-23-025597

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