Progressive Care Inc. (RXMD), a prominent player in personalized healthcare services and technology, has announced the successful completion of its Special Meeting of Stockholders. During this meeting, shareholders overwhelmingly approved the proposed merger with NextPlat Corp. (NXPL). This decision paves the way for Progressive Care to become a wholly-owned subsidiary of NextPlat, marking a significant step in the companies’ combined future. The merger is scheduled to finalize on October 1, 2024, subject to the fulfillment of customary closing conditions. Upon completion, Progressive Care’s common stock will cease to be traded publicly, and the company will operate as a wholly-owned entity within NextPlat’s portfolio.
The merger agreement details a 1.4865-to-1 share exchange ratio, with Progressive Care shareholders receiving newly issued NextPlat common stock for each share they hold. This exchange will be automatically processed for shares held in brokerage and retirement accounts. Progressive Care shareholders holding physical stock certificates are advised to contact NextPlat’s transfer agent, Equity Stock Transfer, for transfer and delivery instructions.
This business combination represents a strategic move for both companies. Progressive Care’s extensive healthcare experience and technological expertise align perfectly with NextPlat’s ambition to dominate high-growth markets, particularly in technology and healthcare. NextPlat aims to leverage its global e-commerce platform to empower businesses in selling their products online, both domestically and internationally, while also optimizing their e-commerce presence and revenue generation. This merger paves the way for NextPlat to expand its reach and services in the healthcare domain, building upon the foundation established by Progressive Care. The combined entity will be well-positioned to capitalize on the growing demand for telehealth and digital health solutions.
The final voting results of the shareholder meeting are publicly available in the Current Report on Form 8-K filed by Progressive Care on September 16, 2024. This document can be accessed on the official website of the Securities and Exchange Commission (SEC) at www.sec.gov and on Progressive Care’s company website.
