---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-23-016251"
form_type: "8-K"
ticker: "NXPL"
cik: "0001058307"
company_name: "NextPlat Corp"
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T03:26:28.508863+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NextPlat invests $1M in Progressive Care units, converts $2.89M debt for 38.4% stake

## Summary
- NextPlat purchased 455,000 units of Progressive Care at $2.20/unit for $1M; each unit includes one share and one warrant exercisable at $2.20.
- NextPlat and other holders converted $2.89M of convertible note into 1.31M common shares at $2.20; NextPlat received 570,599 shares.
- Post-transaction, NextPlat owns ~38.4% of Progressive Care's voting securities; plans to boost stake above 50%.
- Progressive Care issued inducement warrants to NextPlat's CEO Charles Fernandez (190,000 shares) and Rodney Barreto (30,000) at $2.20.
- NextPlat engaged Dawson James Securities to advise on possible spinoff of Global Telesat and Orbital Satcom units.

## SEC filing metadata
- accession: 0001493152-23-016251
- form_type: 8-K
- ticker: NXPL
- cik: 0001058307
- company_name: NextPlat Corp
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1058307/000149315223016251/0001493152-23-016251-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1058307/000149315223016251/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-23-016251
- JSON: https://secwatch.observer/filing/0001493152-23-016251.json
- Plain text: https://secwatch.observer/filing/0001493152-23-016251.txt

## Key facts
- Material Agreements
  NextPlat Corp entered into Debt Conversion Agreement with Progressive Care Inc. and other holders of the Note valued at $2,887,228.53 (effective 2023-05-09).
  - Action: entry
  - Counterparty: Progressive Care Inc. and other holders of the Note
  - Value: $2,887,228.53
  - Effective: 2023-05-09
  source text: Simultaneous with the closing, Progressive Care entered into a Debt Conversion Agreement (the “DCA”) with NextPlat and the other holders (the “Holders”) of that certain Amended and Restated Secured Convertible Promissory Note, dated as of September 2, 2022, made by Progressive Care in the original face amount of $2,790,885.63 (the “Note”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1058307/000149315223016251/0001493152-23-016251-index.htm
- Material Agreements
  NextPlat Corp entered into Securities Purchase Agreement with Progressive Care Inc. valued at $1 million (effective 2023-05-05).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Progressive Care Inc.
  - Value: $1 million
  - Effective: 2023-05-05
  source text: On May 5, 2023, 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 agreed to purchase 455,000 newly issued units of securities from Progressive Care (the “Units”) at a price per Unit of $2.20 for an aggregate purchase price of $1 million (the “Unit Purchase”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1058307/000149315223016251/0001493152-23-016251-index.htm
- Material Agreements
  NextPlat Corp amended First Amendment with Progressive Care Inc..
  - Action: amendment
  - Agreement: notes offering
  - Counterparty: Progressive Care Inc.
  source text: At the same time, Progressive Care and NextPlat entered into a First Amendment (the “Amendment”) to that certain Securities Purchase Agreement dated November 16, 2022 (the “Debenture Purchase Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1058307/000149315223016251/0001493152-23-016251-index.htm

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