Customized healthcare services company Progressive Care Inc (OTCMKTS:RXMD) was one of the companies which saw its stock come into major focus yesterday as it ended the day with gains of as much as 10%.
Trading Data
On Tuesday, RXMD stock up 10.55% to $0.0375 with 4.43 million shares, compared to volume of 966.96K shares. The stock moved within a range of $0.0330 – 0.0418 after opening trade at $0.0340.
Progressive Care Announces Completion of Strategic Transaction With NextPlat
The company announced yesterday that it had been successful in completing the recapitalization of the strategic investment and the debt from NextPlat Corp. It goes without saying that the announcement was a significant one for the company and one that was naturally welcomed by investors as well. Progressive Care also announced that the placement agent for the entire transaction was Dawson James Securities Inc.
As per the original agreement between the company and NextPlat, the latter had picked up 3000 shares of the Progressive Care Series B Preferred Stock as well as 3000 warrants that could be used to pick up Series B Preferred stock for $3000 each. T
he company managed to raise gross proceeds to the tune of as much as $6 million from the transaction. However, that is not all. The Chief Executive Officer and Executive Chairman of NextPlat Charles M Fernandez is also going to be made a board member of Progressive Care as per yesterday’s announcement.
Key Quote
“Today marks an incredibly exciting day in Progressive Care’s history. At a transformational time for the healthcare industry, the successful completion of the strategic transaction makes our company’s balance sheet stronger and will enable us to capitalize on significant opportunities for growth. We are now positioned to leverage our infrastructure, expand, and diversify our services while building our distribution capabilities across the country. We welcome Charlie and Rodney to our leadership team and are excited to partner with NextPlat to help enhance the digital transformation of Progressive Care business into a market leader in medication therapy management, remote patient monitoring, and e-health,” said Alan Jay Weisberg, CEO of Progressive Care Inc.
Technical Data
RXMD stock is trading above the 20-Day and 50-Day Moving averages of $0.0267 and $0.0268 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0322. The company has a total market capitalization of $20.58 million.
