Business
NextPlat Announces $8.0M Private Offering of Common Stock and Warrants Priced Above Market
COCONUT GROVE, FL / ACCESSWIRE / December 12, 2022 / NextPlat Corp (NASDAQ:NXPL, NXPLW) ("NextPlat" or the "Company"), a global e-commerce provider today
About this update from Nextplat Corp
[{"type":"text","content":"COCONUT GROVE, FL / ACCESSWIRE / December 12, 2022 / NextPlat Corp (NASDAQ:NXPL, NXPLW) (\"NextPlat\" or the \"Company\"), a global e-commerce provider today announced that it executed a binding Securities Purchase Agreement (the \"Purchase Agreement\") on December 9, 2022 with a number of institutional and accredited investors (the \"Investors\"), pursuant to which the Company agreed to sell 4,575,429 units (each, a \"Unit\"), each Unit consisting of one share of the Company's common stock, $0.0001 par value per share (the \"Common Stock\"), and (ii) one warrant to purchase a share of Common Stock. The offering price of the Units was $1.75 per Unit. The Warrants included in the Units are exercisable at a price of $1.75 per share and expire three years from the date of issuance. In connection with the Purchase Agreement, the Investors subscribed for, and NextPlat will receive gross proceeds of, approximately $8.0 million for the Units. Closing is expected to occur on or before December 14, 2022. This transaction will enhance the Company's balance sheet providing additional cash for working capital needs, potential acquisitions, joint ventures, and ongoing business transition activities.The offering was led by members of NextPlat's senior management and Board of Directors. The Company's Executive Chairman and Chief Executive Officer, Mr. Charles M. Fernandez, and Rodney Barreto, one of the Company's directors, each personally invested approximately 24% (and collectively, approximately 48%) of the $8.0 million raised.Under an agreement with the investors, the Company is required to file an initial registration statement with the Securities and Exchange Commission covering the resale of (a) the shares of common stock to be issued to the investors, and (b) the shares of common stock underlying the warrants, within 15 calendar days and to use its best efforts to have the registration statement declared effective as promptly as practical thereafter.Dawson James Securities, Inc. acted as the sole placement agent in connection with the offering.ArentFox Schiff LLP, Washington, DC, acted as counsel to the Company in connection with the offering, and Carmel, Milazzo & Feil LLP served as counsel to Dawson James Securities, Inc. in connection with the offering.This press release shall not constitute an offer to sell or the solicitation of a...