NextPlat, a global e-commerce provider, completed a strategic $7 million investment in Progressive Care, a personalized healthcare services and technology company.
Under the recapitalization plan, NextPlat, its Executive Chairman and CEO, Charles M. Fernandez, and board member, Rodney Barreto, and certain other investors will invest an aggregate of $8.3 million into Progressive Care. In connection with the recapitalization, NextPlat will purchase 3,000 newly issued units of Progressive Care at $6 million, with each unit comprised of one share of Series B preferred stock and one warrant to purchase a share. In addition, NextPlat Corp, Messrs. Fernandez and Barreto, and certain other investors will purchase $2.3 million of outstanding convertible debt from an existing holder. In connection with the debt purchase, NextPlat and the other purchasers agreed to a fixed conversion price of 2 cents per share of common stock and removal of the blocker. NextPlat Corp and the other purchasers also agreed to reduce the interest rate on the purchased debt from 10% to 5% annually. Read more.
