Progressive Care, Inc. Announces Results of Special Meeting

MIAMI, FLORIDA, Dec. 17, 2020 (GLOBE NEWSWIRE) -- via -- On December 14, 2020, Progressive Care, Inc. (the “Company”) held a special meeting of its stockholders (the “Special Meeting”). The record date for stockholders entitled to notice of, and to vote at, the Special Meeting was October 23, 2020. At the close of business on that date, the Company had 470,272,862 shares of common stock, par value $0.0001 (“Common Stock”) outstanding and 51 shares of Series A Super-Voting preferred stock (“Preferred Stock”) outstanding, and entitled to be voted at the Special Meeting. At the Special Meeting, the following four proposals were submitted to the Company’s stockholders:

1. To approve an amendment to the Company’s Certificate of Incorporation to effect, on or before June 30, 2021 a reverse split of Progressive Care’s issued and outstanding common stock at a ratio of between 1-for-20 to 1-for-300 if and when and at such ratio as may be determined by the Company’s Board of Directors (“Proposal 1”);

2. To approve an amendment to the Company’s Certificate of Incorporation to opt-out of Section 203 of the Delaware Corporate Law (“Proposal 2”);

3. To approve the Progressive Care, Inc. Stock Incentive Plan (“Proposal 3”); and

4. To approve the adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of the foregoing proposals (“Proposal 4”).

The final voting results were as follows:

Proposal 1

The Company’s stockholders approved Proposal 1. 276,367,898 shares of Common Stock and 51 shares of Preferred Stock voted in favor of approval of the resolution, 132,571,442 shares of Common Stock and 0 shares of Preferred Stock voted against approval of the resolution and 2,844,785 shares of Common Stock and 0 shares of Preferred Stock abstained from voting for the approval of the resolution.

Proposal 2

The Company’s stockholders did not approve Proposal 2. 216,021,235 shares of Common Stock and 51 shares of Preferred Stock voted in favor of approval of the resolution of Proposal 2, 62,258,534 shares of Common Stock and 0 shares of Preferred Stock have voted against approval of the resolution and 12,506,150 shares of Common Stock and 0 shares of Preferred Stock have abstained from voting for the approval of the resolution.

Proposal 3

The Company’s stockholders approved Proposal 3. 203,375,622 shares of Common Stock voted in favor of approval of Proposal 3, 84,194,643 shares of Common Stock have voted against approval of the resolution and 3,215,654 shares of Common Stock have abstained from voting for the approval of the resolution.

Proposal 4

The Company’s stockholders approved Proposal 4. 297,112,539 shares of Common Stock and 51 shares of Preferred Stock have been voted in favor of approval of the Proposal 4, 115,250,009 shares of Common Stock and 0 shares of Preferred Stock have voted against approval of the resolution and 5,059,899 shares of Common Stock and 0 shares of Preferred Stock have abstained from voting for the approval of the resolution.

For more information about Progressive Care, please visit the company’s website. Connect and stay in touch with us on social media:

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About Progressive Care: Progressive Care Inc. (OTCQB: RXMD), through its subsidiaries, is a Florida health services organization and provider of prescription pharmaceuticals, compounded medications, provider of tele-pharmacy services, the sale of anti-retroviral medications, medication therapy management (MTM), the supply of prescription medications to long-term care facilities, and health practice risk management.

Cautionary Statement Regarding Forward-Looking Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance, and opportunities that involve substantial risks and uncertainties. When used herein, the words “anticipate,” “believe,” “estimate,” “upcoming,” “plan,” “target,” “intend” and “expect” and similar expressions, as they relate to Progressive Care Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company’s actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

Public Relations Contact:

Carlos Rangel