Progressive Care, Inc. announced that it has entered into a securities purchase agreement for the issuance of secured convertible debentures for gross proceeds of $10,000,000 on November 16, 2022. The transaction will include participation from returning investor, NextPlat Corp. The minimum principal amount that can be purchased at any time is $1,000,000.

Each debenture will be convertible at any time, upon investor's election, to shares of the company's common stock at a conversion price of $0.03 per share. In addition, each debenture will mature on the third anniversary of its issuance and bear interest at 5.0% per annum, payable quarterly. The company will issue the securities pursuant to Section 4(a)(2) of the Securities Act and Rule 506 promulgated thereunder.

The securities issued will be restricted securities. At the time of execution of this Agreement, the Company has agreed to pay to Purchaser $50,000, representing its legal fees and expenses.