12:34 PM EDT, 04/12/2024 (MT Newswires) -- NextPlat ( NXPL ) shares rose about 30% in recent trading after the company said Friday that it signed a definitive business combination agreement with Progressive Care, its majority owned subsidiary.

The e-Commerce provider said it expects the deal to provide revenue synergies and significant initial annual operating cost reductions. It expects to close the transaction in Q3.

The firm said Progressive Care shareholders will get newly issued NextPlat ( NXPL ) shares upon closing of the merger.

Price: 1.98, Change: +0.47, Percent Change: +30.69