NextPlat enters agreement to purchase up to $10M in convertible debentures from Progressive Care

NextPlat Corp

NextPlat may purchase up to $10M of secured convertible debentures from Progressive Care (OTCQB: RXMD) over three years at its sole discretion.
Minimum purchase per notice is $1M; proceeds held in controlled account until approved by NextPlat's board.
Debentures convertible into Progressive Care common at $0.03/share, bear 5% interest, mature in three years.
Progressive Care can prepay at 110% of principal plus interest; NextPlat may convert before prepayment.
NextPlat obtains first-priority security interest in all assets of Progressive Care and its subsidiaries.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NextPlat Corp entered into Securities Purchase Agreement with Progressive Care Inc. valued at $10 million (effective 2022-11-16).

Action: entry
Agreement: equity purchase
Counterparty: Progressive Care Inc.
Value: $10 million
Effective: 2022-11-16

Exact text from the filing

On November 16, 2022, NextPlat Corp (NASDAQ: NXPL, NXPLW) (the “Company” or “NextPlat”) entered into a Securities Purchase Agreement (the “SPA”) with Progressive Care Inc. (OTCQB: RXMD) (“Progressive Care”), pursuant to which the Company has agreed to purchase, from time to time during the three year term of the SPA, up to an aggregate of $10 million of secured convertible debentures from Progressive Care (the “Debentures”).

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Source: SEC EDGAR

accession 0001493152-22-032818

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