NextPlat Corp signs definitive agreement to acquire Progressive Care Inc.; $2.20 per share value, 1.49 exchange ratio

NextPlat Corp

Special committees of both boards approved; merger expected to close Q3 2024 subject to shareholder and regulatory approvals.
Exchange ratio based on 20-day VWAP of NextPlat ($1.48) and $2.20 value per Progressive Care share.
NextPlat owned ~53% of Progressive Care voting stock as of July 2023; deal expected to eliminate redundant public company costs.
Lock-up agreements with directors and officers of both companies prohibit securities transfers during interim period.

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