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Progressive Care Inc (OTCMKTS:RXMD) Stock In Focus After Additional $1 Million Investment

Ian Leigh , , , ,

Personalized healthcare services and technology providing company Progressive Care Inc (OTCMKTS:RXMD) announced yesterday that it had been successful in closing an investment transaction worth $1 million from NextPlat Corp. NextPlat is a global e-commerce company. In lieu of the investment of $1 million, the company issued 455,000 newly issued units to NextPlat. Each unit was made up of one common share in Progressive Care and a warrant to pick up a share in the company for the price of $2.20.

Trading Data

On Thursday, RXMD stock rose 1.96% to $2.6000 with more than 1.21K shares, compared to its average volume of 1.80K shares. The stock moved within a range of $2.5500 – 2.6000 after opening trade at $2.5500.

Progressive Care Inc. Announces Additional $1 Million Investment From NextPlat Corp.

However, that was not all. Chief Executive Officer and Chairman of Progressive Care and NextPlat Charles M Fernandez and Vice-Chairman and Director of the Board at NextPlat Rodney Barretto among others reached an agreement to convert $2.9 million worth of outstanding principal, accrued and unpaid interest under the note for shares in Progressive Care.

The shares of the common stock issued to them had a conversion price of $2.20 each. The advisor for the transaction was Dawson James Securities Inc and LucoskyBrookman from New York worked as the counsel for the company. At the completion of the transaction, the common and preferred stock owned by NextPlat in the company represented 38.4% of total outstanding voting securities.

Ian Leigh

Ian Leigh is a specialist in analyzing stocks, SEC and OTC filings, and financials of public and privately-held companies. He has played a significant role in M&A activity, consulting with publicly-held firms on acquisitions and divestitures. He also consults on valuations and branding. He lectures at major universities and teaches at specialty financial schools.