EXCLUSIVE: NextPlat Invests $7M In Healthcare Services Provider Progressive Care

E-commerce provider NextPlat Corp NXPL said it had made a $7 million investment in Progressive Care Inc RXMD, a healthcare services and technology company.

Under its recapitalization plan, the company’s Executive Chairman and CEO, Charles M.Fernandez, and board member, Rodney Barreto will invest $8.3 million into Progressive Care.

NextPlat will purchase 3,000 newly issued Units of Progressive Care valued at $6 million.

Each unit comprised of one share of Progressive Care’s Series B Preferred Stock and one Warrant to purchase a share of Series B Preferred Stock.

Certain other NextPlat investors would purchase $2.3 million of outstanding convertible debt from an existing holder. The price is set at a fixed conversion price of $0.02 per share of common stock and the removal of the blocker.

NextPlat’s management team and select members of its Board of Directors will provide Progressive Care with their expertise in healthcare and digital technology.

The company will also help Progressive Care in the development of new healthcare and lifestyle products to be sold through NextPlat’s global e-commerce marketplaces.

Fernandez will be appointed as Chairman of Progressive Care replacing Alan Jay Weisberg.

Weisberg will be assuming the new roles of Vice Chairman and CEO.

“As a technology and healthcare entrepreneur, I see tremendous value in Progressive Care’s capabilities which is why I am personally investing alongside NextPlat,” said CEO Charles M. Fernandez.

Price Action: NXPL shares closed lower by 6.98% at $3.20 on Tuesday.