Progressive Care, Inc. announced that it has entered into a security purchase agreement for the issuance of 455,000 units at a price of $2.20 per unit for gross proceeds of $1,000,000 on May 5, 2023. he transaction will include participation from returning investor NextPlat Corp. Each unit consists of one share of common stock, par value $0.0001 per share and one warrant to purchase a share of common stock.

The warrants have a three-year term, and will be immediately exercisable. Each warrants exercisable at $2.20 per share of common stock. The company will issue the securities pursuant to Section 4(a)(2) of the Securities Act.