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NextPlat Corp is a global e-commerce and healthcare company. Its e-commerce venues form an effective global network serving thousands of consumers, enterprises, and governments. Its healthcare business is focused on improving the lives of patients with complex chronic diseases through patient and provider engagement and partnerships with payors, pharmaceutical manufacturers, and distributors. The company operates in two segments: e-Commerce Business and Healthcare Business.
NextPlat Corp (NASDAQ: NXPL) announced that its subsidiary, Global Telesat Communications (GTC), has secured a new satellite-based asset tracking services contract from a global humanitarian aid organization following a public tender. The contract involves providing Iridium Edge® Solar satellite asset trackers and recurring airtime services to monitor vehicles, heavy machinery, and shipping containers in challenging environments.
The initial one-year contract includes an option for a two-year extension and represents the second contract awarded to GTC by this customer. The selection followed testing of various satellite-based tracking systems aimed at reducing the risk of loss or theft of high-value assets. The tracking solution is specifically designed for organizations operating in areas with or no communications infrastructure.
NextPlat Corp (NASDAQ: NXPL) announced that its subsidiary, Global Telesat Communications (GTC), has formed a partnership with EVERYWHERE Communications to expand mission-critical communications capabilities across Europe. The agreement establishes GTC as EVERYWHERE's preferred connectivity solutions provider in the UK and EU markets.
The partnership aims to enhance real-time global communications, situational awareness, and duty-of-care services for mobile workforces in remote environments. The companies will expand their joint offerings to include advanced satellite hotspots, IoT connectivity solutions, and integrated communications platforms, serving enterprise, government, and humanitarian organizations.
NextPlat (NASDAQ: NXPL) has announced a $2 million share buyback program of its outstanding common stock. The company projects record 2024 annual revenue exceeding $63 million, representing over 70% growth compared to 2023. This growth is attributed to increased satellite connectivity products sales, higher margin recurring airtime revenue, and healthcare business contributions.
The company maintains flexibility in the timing, manner, and amount of repurchases, which may be conducted through various means including open market or private transactions. NextPlat expects to fund the buyback through existing cash reserves and future cash flows, while targeting positive operating cash flows by late 2025.
NextPlat's US-based connectivity division, Outfitter Satellite, has secured a three-year service contract from a US state government customer to provide satellite-enabled services. The contract includes satellite connectivity airtime service plans and hardware support for government workforce requiring voice and data connectivity during remote operations or natural disasters, with an option to renew for up to two years.
Acquired by NextPlat in April 2024, Nashville-based Outfitter has been providing satellite-based connectivity solutions from brands like Iridium, Inmarsat, and Globalstar for over two decades. Since its acquisition, Outfitter has generated significant high-margin recurring airtime revenue from North American sales, complementing NextPlat's global e-Commerce operations.
NextPlat Corp (NASDAQ: NXPL) has received vendor approval from JD.com, China's largest self-operated e-Commerce retailer, to list and sell OPKO Health Europe branded health & wellness and veterinary care products. The company plans to launch products on JD.com in Q1 2025, accessing over 340 million consumers.
The initiative includes listing OPKO human health products such as nutraceuticals for bone and joint health, and supplements for nutrition and immunity. Subject to Chinese regulatory clearance expected in Q1 2025, NextPlat plans to expand offerings to include veterinary and animal health products. This expansion comes as China's nutraceuticals market is projected to reach $100 billion by 2025.
The company has already begun online and offline marketing in China and recently participated in the 2024 China International Natural Health & Nutrition Expo (NHNE).
NextPlat (NASDAQ: NXPL) has raised its 2024 revenue guidance to approximately $63 million, projecting over 70% growth compared to fiscal 2023. The improved outlook is attributed to three main factors: growing sales of satellite connectivity products, increased high-margin recurring airtime revenue, and contributions from the healthcare business segment. The company plans to file its annual report by March 31, 2025, followed by an earnings conference call.
NextPlat Corp (NASDAQ: NXPL) announced its participation in the 2024 China International Natural Health & Nutrition Expo (NHNE), showcasing OPKO Healthcare products, including new veterinary care items. The expo, Asia's largest health and nutrition tradeshow, will host 1,200 suppliers and attract 120,000 buyers. NextPlat has been invited by the U.S. Consulate General in Wuhan to present OPKO products to selected Chinese buyers. The company is expanding its presence in China through new online storefronts on WeChat and JD.com, while planning physical distribution in retail chains during 2025. Recent weeks have shown increased demand for OPKO products in China following enhanced promotional activities.
NextPlat Corp (NASDAQ: NXPL) has completed the merger and business combination with Progressive Care Inc., making Progressive Care a wholly-owned subsidiary of NextPlat. As a result, Progressive Care's common stock has ceased trading on the OTCQB exchange effective October 1, 2024.
Under the terms of the merger, Progressive Care shareholders received 1.4865 newly issued shares of NextPlat common stock for each share of Progressive Care common stock they owned. The exchange was conducted automatically for shares held in brokerage and retirement accounts. Shareholders with physical stock certificates are requested to contact NextPlat's transfer agent, Equity Stock Transfer, for transfer instructions.
Charles M. Fernandez, Executive Chairman and CEO of NextPlat, stated that the merger creates a unified company focused on growth in healthcare services, technology, and personal health and wellness markets. He noted strong top-line growth and improving operational performance in the first half of 2024 and expects continued improvements in consolidated financial performance through business integration and new product launches.
NextPlat Corp (NASDAQ: NXPL) announced the results of its Special Annual Meeting of Stockholders held on September 13, 2024. Shareholders approved all proposals, including the Business Combination with Progressive Care Inc. (OTCQB: RXMD). The merger is expected to close on October 1, 2024, subject to additional closing conditions. Under the agreement, Progressive Care shareholders will receive 1.4865 newly issued shares of NextPlat common stock for each share of Progressive Care stock they own. The exchange will be automatic for shares held in brokerage and retirement accounts, while physical stock certificate holders should contact NextPlat's transfer agent for instructions.
Progressive Care Inc. (OTCQB: RXMD) announced that shareholders approved the Business Combination with NextPlat Corp (Nasdaq: NXPL) at a Special Meeting on September 13, 2024. The merger is expected to close on October 1, 2024, subject to additional closing conditions. Upon completion, Progressive Care will become a wholly-owned subsidiary of NextPlat.
Under the Merger Agreement, Progressive Care shareholders will receive 1.4865 newly issued shares of NextPlat's common stock for each share of Progressive Care common stock they own. The exchange will be automatic for shares held in brokerage and retirement accounts. Shareholders with physical stock certificates should contact NextPlat's transfer agent, Equity Stock Transfer, for transfer instructions.
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