NextPlat's Major Business Move with Progressive Care Inc.

NextPlat Shares Positive Outcomes of Special Annual Meeting

NextPlat Corp (NASDAQ: NXPL), a leading global e-commerce platform, has presented the results of its recent Special Annual Meeting of Stockholders. This meeting focused on pivotal decisions, one of which is the envisioned merger with Progressive Care Inc. The Business Combination aims to enhance opportunities in the dynamic e-commerce sector.

Key Proposals Voted at the Meeting

Shareholders convened to deliberate on six significant proposals. The most crucial of these was the proposal for the merger agreement and plan of reorganization that would see Progressive Care, a controlled subsidiary of NextPlat, transition into a wholly-owned subsidiary of the Company.

Merger Agreement Details

This agreement outlines a strategic move to integrate Progressive Care completely into NextPlat’s operations, which is expected to maximize efficiency and enhance value. Progressive Care shareholders are anticipated to receive 1.4865 newly issued shares of NextPlat common stock for every share they own, reflecting NextPlat’s commitment to managing shareholder value diligently.

Additional Voting Outcomes

In addition to the merger, shareholders also approved the issuance of over 20% of the Company’s common stock, voted on eight new Board nominees, ratified the selection of RBSM LLP as the independent registered public accounting firm for the upcoming fiscal year, and gave approval for the compensation of named executives as outlined in the proxy statement.

Progressive Care's Shareholder Approval

On the same day, Progressive Care shareholders convened and successfully approved the Business Combination, paving the way for this significant expansion in the healthcare e-commerce sector. The expected closing of this merger is slated for October 1, pending the fulfillment of required conditions.

Importance of the Business Combination

This merger is pivotal as it not only signifies consolidation within NextPlat’s operations but also strengthens its foothold in emerging markets, especially in technology and healthcare. With Progressive Care on board, NextPlat aims to expand its scope in health services, enhancing its offerings in pharmacy and data management significantly.

NextPlat’s Growth Strategy

NextPlat's vision revolves around continuous growth through acquisitions and collaborations. By integrating companies like Progressive Care, NextPlat underlines its strategic approach to not just capture existing markets but also to propel into new areas of opportunity with integrated health services. This merger aligns with NextPlat's mission to optimize online revenue generation for businesses across various sectors.

About NextPlat Corp

NextPlat Corp specializes in harnessing technology to streamline e-commerce operations, assisting businesses in achieving optimal performance both domestically and internationally. With a robust communications division and an expanded health data management service through Progressive Care, NextPlat is poised to navigate the complexities of contemporary e-commerce markets seamlessly.

About Progressive Care Inc.

Progressive Care Inc. operates as a vital health service organization, delivering TPA, data management, and various healthcare services. The collaboration with NextPlat will allow Progressive Care to enhance its service offerings, providing an upgraded platform for healthcare management solutions.

Media and Investor Contact for NextPlat Corp

For inquiries regarding investments and media, please contact Michael Glickman at MWGCO, Inc. via telephone.

Frequently Asked Questions

What was the significance of the Annual Meeting for NextPlat?

The Annual Meeting allowed shareholders to vote on crucial proposals, particularly the merger with Progressive Care, which aims to strengthen NextPlat's market presence.

What does the merger entail for shareholders of Progressive Care?

Progressive Care shareholders will receive newly issued shares in NextPlat, effectively transitioning their ownership into a wholly-owned subsidiary.

How will the merger impact NextPlat’s business strategy?

This merger will enhance NextPlat's capacity to provide comprehensive e-commerce solutions while expanding its footprint in the healthcare sector.

When is the expected closing date for the merger?

The merger is anticipated to close on October 1, contingent upon meeting specified closing conditions.

Who can shareholders contact for more information on the merger?

Shareholders can reach out to NextPlat's transfer agent for any queries related to share exchange during this merger process.

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