NextPlat Corp. (NXPL), an e-commerce platform, said on Friday that it has inked a merger deal with its majority owned subsidiary, Progressive Care Inc. (RXMD) to merge its wholly owned unit with and into Progressive Care.
The transaction, expected to be closed in the third-quarter, will allow the new company to function as a wholly owned subsidiary of NextPlat with a new name of Progressive Care LLC.
Post transaction, Progressive Care shareholders will receive newly issued, registered shares of NextPlat.
The exchange ratio of NextPlat shares to be issued was calculated based upon a 20-day, volume-weighted average price of NextPlat's share before to the execution of the merger deal at $2.20 per share. Charles M. Fernandez, CEO of NextPlat, said: "As a result of this business combination, we expect to quickly realize an array of valuable synergies from additional top-line growth to improved bottom-line profitability. These benefits include the ability to expand Progressive Care's consumer offerings with new OTC products such as our soon-to-be-launched Florida Sunshine brand of premium-grade vitamins and dietary supplements, and significant combined annual cost reductions resulting from the elimination of complexities and redundant public company legal and accounting expenses."
ArentFox Schiff LLP served as the legal advisor to NextPlat, whereas Lucosky Brookman LLP worked as legal advisor to Progressive Care in connection with the merger deal.
NXPL was trading up by 68.21 percent at $2.550 in the pre-market trade on the Nasdaq.
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