Nextplat soars on merger with Progressive Care

Progressive Care

12/04/2024 14:30

** Shares in Nextplat Corp  NXPL.O  jump 77.3% to $2.7 in
premarket after the online services firm announced merger with
its majority owned subsidiary, Progressive Care  RXMD.PK  
    ** A wholly owned unit of Nextplat will merge with and into
Progressive Care and be renamed Progressive Care LLC, according
to a company statement
    ** Up on closing of merger, Progressive shareholders will
receive newly issued, registered shares of NextPlat's common
stock
    ** "Transaction expected to provide revenue synergies and
significant initial annual operating cost reductions," company
says
    ** Deal expected to close in the third quarter of 2024
    ** Nextplat shares lost 9% YTD

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))