Progressive Care Inc. Announces Results of Special Meeting of Stockholders
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.
Progressive Care Inc. (OTCQB: RXMD) ha annunciato che gli azionisti hanno approvato la Combinazione Aziendale con NextPlat Corp (Nasdaq: NXPL) durante un'Assemblea Straordinaria il 13 settembre 2024. La fusione dovrebbe chiudersi il 1 ottobre 2024, soggetta a ulteriori condizioni di chiusura. Una volta completata, Progressive Care diventerà una controllata interamente posseduta da NextPlat.
Ai sensi dell'Accordo di Fusione, gli azionisti di Progressive Care riceveranno 1.4865 nuove azioni ordinarie di NextPlat per ogni azione di Progressive Care che possiedono. Lo scambio sarà automatico per le azioni detenute in conti di intermediazione e pensionistici. Gli azionisti con certificati azionari fisici devono contattare l'agente di trasferimento di NextPlat, Equity Stock Transfer, per le istruzioni sul trasferimento.
Progressive Care Inc. (OTCQB: RXMD) anunció que los accionistas aprobaron la Combinación Empresarial con NextPlat Corp (Nasdaq: NXPL) en una Reunión Especial el 13 de septiembre de 2024. Se espera que la fusión se cierre el 1 de octubre de 2024, sujeta a condiciones adicionales de cierre. Una vez completado, Progressive Care se convertirá en una filial de propiedad total de NextPlat.
De acuerdo con el Acuerdo de Fusión, los accionistas de Progressive Care recibirán 1.4865 acciones ordinarias recién emitidas de NextPlat por cada acción de Progressive Care que posean. El intercambio será automático para las acciones mantenidas en cuentas de corretaje y de jubilación. Los accionistas con certificados de acciones físicas deben contactar al agente de transferencias de NextPlat, Equity Stock Transfer, para obtener instrucciones de transferencia.
프로그레시브 케어 주식회사(OTCQB: RXMD)는 주주들이 2024년 9월 13일 특별 회의에서 넥스트플랫 주식회사(Nasdaq: NXPL)와의 사업 결합을 승인했다고 발표했습니다. 합병은 2024년 10월 1일에 종료될 것으로 예상됩니다, 추가 마감 조건이 적용됩니다. 완료되면, 프로그레시브 케어는 넥스트플랫의 전액 자회사로 전환됩니다.
합병 계약에 따르면, 프로그레시브 케어의 주주들은 자신이 소유한 프로그레시브 케어의 일반주 1주당 넥스트플랫의 새로 발행된 일반주 1.4865주를 받게 됩니다. 중개업체나 퇴직 연금 계좌에 보유된 주식의 경우 교환은 자동으로 이루어집니다. 물리적인 주식 증서를 가진 주주들은 넥스트플랫의 이전 에이전트인 Equity Stock Transfer에 연락하여 이전 지침을 받아야 합니다.
Progressive Care Inc. (OTCQB: RXMD) a annoncé que les actionnaires ont approuvé la combinaison d'affaires avec NextPlat Corp (Nasdaq: NXPL) lors d'une assemblée spéciale le 13 septembre 2024. La fusion devrait être finalisée le 1er octobre 2024, sous réserve de conditions de clôture supplémentaires. Une fois terminée, Progressive Care deviendra une filiale entièrement détenue de NextPlat.
En vertu de l'accord de fusion, les actionnaires de Progressive Care recevront 1.4865 actions ordinaires nouvellement émises de NextPlat pour chaque action ordinaire de Progressive Care qu'ils détiennent. L'échange sera automatique pour les actions détenues dans des comptes de courtage et de retraite. Les actionnaires avec des certificats d'actions physiques doivent contacter l'agent de transfert de NextPlat, Equity Stock Transfer, pour obtenir des instructions de transfert.
Progressive Care Inc. (OTCQB: RXMD) gab bekannt, dass die Aktionäre auf einer Sonderversammlung am 13. September 2024 die Unternehmensfusion mit NextPlat Corp (Nasdaq: NXPL) genehmigt haben. Die Fusion soll am 1. Oktober 2024 abgeschlossen werden, vorbehaltlich zusätzlicher Abschlussbedingungen. Nach Abschluss wird Progressive Care eine hundertprozentige Tochtergesellschaft von NextPlat.
Gemäß dem Fusionsvertrag erhalten die Aktionäre von Progressive Care für jede von ihnen gehaltene Aktie der ordentlichen Aktien von Progressive Care 1.4865 neu ausgegebene Aktien von NextPlat. Der Austausch erfolgt automatisch für Aktien, die in Depot- und Rentenkonten gehalten werden. Aktionäre mit physischen Aktienzertifikaten sollten sich an den Übertragungsagenten von NextPlat, Equity Stock Transfer, wenden, um Überweisungsanweisungen zu erhalten.
- Shareholders approved the Business Combination with NextPlat Corp
- Progressive Care will gain access to Nasdaq listing through the merger
- Shareholders will receive 1.4865 NextPlat shares for each Progressive Care share
- Progressive Care will cease to exist as an independent entity
- Potential integration challenges and costs associated with the merger
Insights
The approval of the Business Combination between Progressive Care and NextPlat is a significant development. The 1.4865 share exchange ratio for Progressive Care shareholders indicates a premium valuation, potentially reflecting synergies or growth prospects. This merger could lead to enhanced market presence and operational efficiencies.
Investors should note the change in trading venue from OTCQB to Nasdaq, which may improve liquidity and attract institutional investors. The October 1, 2024 closing date provides a clear timeline for market participants. However, it's important to monitor any potential integration challenges or dilution effects that may impact shareholder value in the short term.
This merger signifies a strategic move in the healthcare technology sector. Progressive Care's personalized healthcare services combined with NextPlat's technology focus could create a unique value proposition in the market. The deal may lead to expanded service offerings and potentially increased market share.
Investors should watch for post-merger performance indicators, such as revenue synergies, cost savings and new product developments. The transition from OTC to Nasdaq listing could enhance the company's visibility and access to capital. However, it's important to assess the integration timeline and any potential cultural challenges that may arise from merging two distinct entities.
The shareholder approval on both sides indicates strong support for the merger, reducing the risk of legal challenges from dissenting shareholders. However, investors should be aware that the deal is still subject to additional closing conditions, which could potentially delay or affect the merger's completion.
The automatic share exchange for brokerage accounts simplifies the process, but shareholders with physical certificates need to be proactive. This could lead to some administrative complexities. It's important for investors to review the Form 8-K for complete voting results and any additional disclosures that may impact their decision-making. Regulatory scrutiny, particularly regarding market competition, should also be monitored closely.
Business Combination with NextPlat Corp Approved by Shareholders with Anticipated Closing Date of October 1, 2024
At the Special Meeting, shareholders were asked to vote on a proposal to approve and adopt the Merger Agreement and Plan of Reorganization pursuant to which the Company, a controlled subsidiary of NextPlat Corp (Nasdaq: NXPL & NXPLW), would become a wholly-owned subsidiary of NextPlat, and the transactions contemplated thereby (the "Business Combination"). At the Special Meeting, the Company's shareholders approved the Business Combination.
Additionally, at NextPlat's Annual Meeting held on September 13, 2024, NextPlat's shareholders also approved the Business Combination.
The Company expects the closing of the Business Combination to occur on October 1, 2024, subject to the satisfaction of additional closing conditions, at which point, Progressive Care's common stock will cease to be outstanding and Progressive Care will become a wholly-owned subsidiary of NextPlat.
Under terms of 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 immediately prior to the effectiveness of the Business Combination. The exchange of shares will be conducted automatically for shares of Progressive Care common stock held in brokerage and retirement accounts. All Progressive Care shareholders who hold physical stock certificates are requested to promptly contact NextPlat's transfer agent, Equity Stock Transfer, for transfer and delivery instructions. Equity Stock Transfer can be reached at 237 W 37th St, Suite 601,
The final voting results are available in the Current Report on Form 8-K filed by Progressive Care on September 16, 2024, available at www.sec.gov and on the Company's website.
About Progressive Care
Progressive Care Inc. through its subsidiaries, is a
About NextPlat Corp
NextPlat is a global e-commerce platform company created to capitalize on multiple high-growth sectors and markets including technology and healthcare. Through acquisitions, joint ventures and collaborations, the Company intends to assist businesses in selling their goods online, domestically, and internationally, allowing customers and partners to optimize their e-commerce presence and revenue. NextPlat currently operates an e-commerce communications division offering voice, data, tracking, and IoT products and services worldwide as well as pharmacy and healthcare data management services in
Investor Contact for Progressive Care
Michael Glickman
MWGCO, Inc.
917-397-2272
mike@mwgco.net
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SOURCE Progressive Care, Inc.
FAQ
When is the expected closing date for the Progressive Care and NextPlat Corp (NXPL) merger?
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