NextPlat Corp. Signs Material Definitive Agreement
Ticker: NXPLW · Form: 8-K · Filed: Mar 29, 2024 · CIK: 1058307
| Field | Detail |
|---|---|
| Company | Nextplat Corp (NXPLW) |
| Form Type | 8-K |
| Filed Date | Mar 29, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $760,000, $660,000.00, $100,000.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, agreement, financials
TL;DR
NextPlat Corp. just signed a big deal for a tech acquisition, filing it today.
AI Summary
On March 25, 2024, NextPlat Corp. entered into a material definitive agreement related to its acquisition of a technology company. The filing also includes financial statements and exhibits, and a Regulation FD disclosure.
Why It Matters
This filing indicates a significant step in NextPlat Corp.'s growth strategy, likely involving the acquisition of a new technology asset or business.
Risk Assessment
Risk Level: medium — Material definitive agreements, especially those involving acquisitions, carry inherent risks related to integration, financing, and market reception.
Key Players & Entities
- NextPlat Corp (company) — Registrant
- March 25, 2024 (date) — Date of Report
- 001-40447 (company) — SEC File Number
- 65-0783722 (company) — IRS Number
FAQ
What is the nature of the material definitive agreement entered into by NextPlat Corp?
The filing indicates NextPlat Corp. entered into a material definitive agreement, but the specific details of the agreement are not fully disclosed in the provided text, other than it relates to an acquisition of a technology company.
When was this material definitive agreement reported?
The report date, which is the date of the earliest event reported, is March 25, 2024.
What is NextPlat Corp.'s state of incorporation?
NextPlat Corp. is incorporated in Nevada.
What is NextPlat Corp.'s fiscal year end?
NextPlat Corp.'s fiscal year ends on December 31.
What are the main items reported in this 8-K filing?
The filing reports an entry into a material definitive agreement, a Regulation FD disclosure, and financial statements and exhibits.
Filing Stats: 678 words · 3 min read · ~2 pages · Grade level 9.1 · Accepted 2024-03-29 11:59:06
Key Financial Figures
- $0.0001 — h registered Common Stock , par value $0.0001 NXPL The Nasdaq Stock Market, Inc.
- $760,000 — on") for an aggregate purchase price of $760,000.00, subject to certain adjustments as p
- $660,000.00 — he SPA (the "Aggregate Consideration"). $660,000.00 of the Aggregate Consideration will be
- $100,000.00 — g of the transaction with the remaining $100,000.00 to be paid upon delivery of Outfitter's
Filing Documents
- nxpl20240328_8k.htm (8-K) — 31KB
- ex_647399.htm (EX-10.1) — 320KB
- ex_647400.htm (EX-99.1) — 9KB
- nxtlogo.jpg (GRAPHIC) — 3KB
- 0001437749-24-010009.txt ( ) — 571KB
- nxpl-20240325.xsd (EX-101.SCH) — 4KB
- nxpl-20240325_def.xml (EX-101.DEF) — 13KB
- nxpl-20240325_lab.xml (EX-101.LAB) — 18KB
- nxpl-20240325_pre.xml (EX-101.PRE) — 13KB
- nxpl20240328_8k_htm.xml (XML) — 5KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On March 25, 2024, NextPlat Corp (NASDAQ: NXPL, NXPLW) (the "Company" or "NextPlat") entered into a Stock Purchase Agreement (the "SPA") with James T. McKinley ("Seller"), pursuant to which the Company agreed to purchase all of the issued and outstanding shares of common stock of Outfitter Satellite, Inc. ("Outfitter") in an all-cash transaction (the "Acquisition") for an aggregate purchase price of $760,000.00, subject to certain adjustments as provided in the SPA (the "Aggregate Consideration"). $660,000.00 of the Aggregate Consideration will be paid at the closing of the transaction with the remaining $100,000.00 to be paid upon delivery of Outfitter's audited financial statements for the 2022 and 2023 fiscal years. The SPA contains customary representations, warranties and covenants of each party. The closing of the transaction is expected to occur on or about April 1, 2024. The foregoing description of the SPA is not complete and is qualified in its entirety by reference to the SPA, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by reference herein.
01. Regulation FD Disclosure
Item 7.01. Regulation FD Disclosure. On March 26, 2024, NextPlat issued a press release announcing the Acquisition, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. Exhibits. Exhibit No. Description 10.1* Stock Purchase Agreement, dated as of March 25, 2024, by and between NextPlat Corp and James T. McKinley 99.1 Press Release dated March 26, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain exhibits have been redacted pursuant to Item 601(b)(10) of Regulation S-K. The Company hereby undertakes to furnish to the Securities and Exchange Commission an unredacted copy of the exhibit upon request by the Commission. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NEXTPLAT CORP By: /s/ Charles M. Fernandez Name: Charles M. Fernandez Title: Chairman and Chief Executive Officer Dated: March 29, 2023