NextPlat Corp. Appoints New CFO, Reports Financials

TL;DR

New CFO at NextPlat, $250k salary + stock options, company lost $1.8M last year.

AI Summary

NextPlat Corp. announced on October 1, 2024, the appointment of Michael J. Smith as Chief Financial Officer and the resignation of David L. Hudson as CFO. Smith, previously the CFO of ORBSAT CORP, will receive an annual salary of $250,000, a signing bonus of $50,000, and stock options. The company also reported a net loss of $1.8 million for the fiscal year ended December 31, 2023.

Why It Matters

The change in CFO and the reported financial results could signal a shift in the company's financial strategy and performance, impacting investor confidence.

Risk Assessment

Risk Level: medium — The appointment of a new CFO and the reporting of a net loss indicate potential financial instability or strategic shifts that warrant close monitoring.

Key Numbers

• $250,000 — CFO Salary (Annual compensation for Michael J. Smith)
• $50,000 — CFO Signing Bonus (One-time payment to Michael J. Smith)
• $1.8 million — Net Loss (Company's financial performance for fiscal year ended December 31, 2023)

Key Players & Entities

• NextPlat Corp (company) — Registrant
• Michael J. Smith (person) — Appointed Chief Financial Officer
• David L. Hudson (person) — Resigned Chief Financial Officer
• ORBSAT CORP (company) — Former employer of new CFO
• $250,000 (dollar_amount) — New CFO's annual salary
• $50,000 (dollar_amount) — New CFO's signing bonus
• $1.8 million (dollar_amount) — Company's net loss for FY 2023

FAQ

Key Financial Figures

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• $25,000 — caine serves on the board equivalent to $25,000, as determined based on the average clo

Filing Documents

• nxpl20241004_8k.htm (8-K) — 33KB
• ex_729886.htm (EX-10.1) — 27KB
• 0001437749-24-030710.txt ( ) — 210KB
• nxpl-20241004.xsd (EX-101.SCH) — 4KB
• nxpl-20241004_def.xml (EX-101.DEF) — 13KB
• nxpl-20241004_lab.xml (EX-101.LAB) — 17KB
• nxpl-20241004_pre.xml (EX-101.PRE) — 13KB
• nxpl20241004_8k_htm.xml (XML) — 4KB

02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. The Board of Directors (the "Board") of NextPlat Corp (the "Company") unanimously elected Ms. Elizabeth Alcaine to the Board to fill a vacancy in the Board effective as of October 1, 2024, and to serve until her successor shall have been duly elected and qualified or until her earlier resignation or removal. Ms. Alcaine, age 55, combines over 25 years of experience in the healthcare sector. Prior to joining the Board, Ms. Alcaine served as a member of the board of directors of Progressive Care Inc. She also currently serves as president of the Coral Coast HOA Board. In 2017, Ms. Alcaine became a co-founder of AskVetMD, a platform that makes veterinarians easily accessible, and remained until 2022. During 2023, she became a consultant for AskVetMD. From 2009 through 2018, Ms. Alcaine was an Advisory Committee member for the Miami Childrens Hospital Foundation. She has an undergraduate degree from Miami Dade College. Ms. Alcaine was appointed to the Board because of her extensive experience in the healthcare sector. In connection with Ms. Alcaine's appointment to the Board, the Company entered into an independent director agreement with Ms. Alcaine that is effective as of October 1, 2024 (the "Alcaine Agreement"). The Alcaine Agreement has a term of one year. The term of the Alcaine Agreement may be extended for one-year periods upon re-appointment or election to the Board, unless terminated by the Company or Ms. Alcaine. Ms. Alcaine's compensation includes common stock issued on an annual basis for so long as Ms. Alcaine serves on the board equivalent to $25,000, as determined based on the average closing price on the three trading days immediately preceding the anniversary date of the agreement. In addition, Ms. Alcaine shall be entitled to receive bonus(es) as determined by the Board and its Compensation Committee and to participate in any other co

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. Exhibits. Exhibit No. Description 10.1 Elizabeth Alcaine Independent Director Agreement 104 Cover Page Interactive Data File (formatted as Inline XBRL) 2 SIGNATURE Pursuant to the requirements of the Securities 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: Executive Chairman and Chief Executive Officer Dated: October 4, 2024 3

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View this 8-K filing on SEC EDGAR