NextPlat Announces Strategic Merger with Progressive Care

NextPlat (NXPL) has provided an update.

NextPlat Corp has announced a significant merger with Progressive Care Inc, which will result in Progressive Care merging into a subsidiary of NextPlat, with the subsidiary being the surviving entity. The merger, approved by special committees to ensure fairness and independence due to overlapping leadership, will lead to the conversion of Progressive Care’s securities into shares of NextPlat’s common stock at the merger’s effective time. The agreement also includes customary representations, warranties, and pre-closing covenants, along with lock-up agreements to prevent insider trading before the merger’s completion. The transaction is subject to customary closing conditions and shareholder approvals, with provisions for termination under certain circumstances.

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