---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-22-032818"
form_type: "8-K"
ticker: "NXPL"
cik: "0001058307"
company_name: "NextPlat Corp"
filed_at: "2022-11-18T23:59:59+00:00"
generated_at: "2026-06-21T15:36:31.688734+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-22-032818
- form_type: 8-K
- ticker: NXPL
- cik: 0001058307
- company_name: NextPlat Corp
- filed_at: 2022-11-18T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1058307/000149315222032818/0001493152-22-032818-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1058307/000149315222032818/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-22-032818
- JSON: https://secwatch.observer/filing/0001493152-22-032818.json
- Plain text: https://secwatch.observer/filing/0001493152-22-032818.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1058307/000149315222032818/0001493152-22-032818-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.