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NextPlat Corp, formerly known as Orbsat Corp, announces its rebranding effective January 21, 2022. The change includes new ticker symbols: NXPL for common stock and NXPLW for warrants. The company aims to expand its global e-commerce platforms for digital and physical assets, leveraging over $21 million in funding. CEO Charles M. Fernandez highlights the potential of introducing a new platform for digital assets, including NFTs, aligning with the company’s strategic focus on growth through joint ventures and acquisitions.
Orbsat Corp has appointed Rodney Barreto to its Board of Directors, effective January 20, 2022. Barreto, an experienced executive with over 35 years in public affairs and business development, has invested in Orbsat's recent $7.2 million private offering. His expertise is expected to enhance Orbsat's transition into NextPlat, a global e-commerce platform targeting both tangible and digital assets. The company aims to boost its e-commerce presence and revenue, leveraging Barreto's networks and experience in strategic business development.
Orbsat Corp (NASDAQ: OSAT, OSATW) announced a $7.2 million securities offering on January 2, 2022, selling 2,229,950 shares at $3.24 per share. Over 73% of the financing was secured from existing shareholders, including significant investment from CEO Charles Fernandez. This move marks the initial phase of transitioning Orbsat to NextPlat, a next-gen e-commerce platform aimed at expanding revenue across various sectors. The company is expected to enhance its balance sheet for working capital, potential acquisitions, and ongoing transition activities.
Orbsat Corp (NASDAQ:OSAT, OSATW) reported record revenues for Q3 2021, achieving net sales of $2.25 million, a 52.2% increase from Q3 2020. This growth was driven by strong demand for satellite-based IoT tracking and airtime services, with a 109% rise in year-to-date IoT sales. Despite increasing sales, the net loss for the quarter was $2.31 million, up from $1.10 million in the prior year, attributed mainly to stock compensation and investment in IT infrastructure. The company ended the quarter with approximately $17.14 million in cash.
Orbsat Corp has appointed Andrew Cohen as Senior Vice President of Operations to aid its e-commerce expansion. The company has also promoted Paul R. Thomson to Chief Financial Officer, replacing Sawar Uddin. Mr. Thomson, with over 43 years of experience, will continue to lead the implementation of new enterprise technology to support Orbsat's global e-commerce capabilities. Cohen, boasting 35 years in private equity and real estate, will advance Orbsat's operations. These appointments are part of a strategic focus to build a robust e-commerce platform.
Orbsat Corp (NASDAQ: OSAT, OSATW) announced the appointment of Douglas S. Ellenoff as Vice Chairman and Chief Business Development Strategist and Paul R. Thomson as Executive Vice President. These appointments aim to enhance the company's focus on e-commerce and commercial product sales. Supported by over $14 million in growth capital and significant revenue growth in Q2, Orbsat is positioned to expand as a global e-commerce platform. Ellenoff and Thomson bring extensive experience in finance, mergers, and acquisitions, which are crucial for driving strategic initiatives.
Orbsat Corp (NASDAQ: OSAT, OSATW) reported a record net sales increase of 60% for Q2 2021, totaling $1,956,260, driven by surging global e-commerce demand for satellite communications and IoT solutions. The company raised over $14.6 million through an equity offering and completed its Nasdaq uplisting. However, a net loss of $1,458,394 was reported due to increased expenses. Despite challenges from global supply chain issues and chip shortages, management is optimistic about future growth, citing robust sales in July 2021.
Orbsat Corp (NASDAQ:OSAT, OSATW) announced that its Global Telesat Communications unit has been approved as a Gold Supplier on Alibaba.com, enhancing its global e-commerce reach. This partnership will enable GTC to offer over 500 satellite IoT and connectivity products to 26 million active business partners worldwide. The new storefront is expected to launch in Q3 2021, further expanding Orbsat's market presence. CEO Charles M. Fernandez highlighted the growth in online shopping and future plans for additional collaborations in the CubeSat sector.
Orbsat Corp (NASDAQ:OSAT, OSATW) announced on June 28, 2021, the closing of the sale of 432,000 additional shares following the full exercise of the underwriter's over-allotment option. The transaction yielded net proceeds of approximately $1,983,225 after deducting fees. This sale is part of a public offering that originally closed on May 28, 2021. The offering was conducted under the company's effective registration statements with the SEC.
Orbsat continues to fulfill the growing demand for satellite-based communication services, serving over 50,000 customers globally.
Orbsat Corp (NASDAQ:OSAT, OSATW) announced the closure of its public offering of 2,880,000 units at $5.00 per unit, generating gross proceeds of approximately $14.4 million. Each unit consists of one common share and one warrant, with trading commencing on May 28, 2021. The underwriter, Maxim Group LLC, has also partially exercised its overallotment option, further raising $4,320. The offering's details were filed with the SEC, and electronic copies of the final prospectus are available through Maxim Group.
