NextPlat Corp Approves $2 Million Stock Repurchase Plan

NextPlat Corp (NASDAQ: NXPL) disclosed on December 17, 2024, that its Board of Directors has given the green light to a 10b5-1 Stock Repurchase Plan, allowing for the repurchase of up to $2,000,000 worth of the company’s outstanding shares. The company has engaged Dawson James Securities, Inc. to manage the repurchases under this plan.

For the services provided, Dawson will receive a commitment fee of $25,000 along with a commission of $0.03 per share after the first 500,000 shares repurchased (with no commitment fee or ticket charges for these initial shares). The Repurchase Plan is slated to expire on the earliest of December 16, 2025, or when the maximum $2,000,000 worth of common stock has been repurchased, among other specified events.

NextPlat Corp intends to execute share repurchases through various methods, including open market purchases, privately negotiated transactions, or in compliance with federal securities laws utilizing Rule 10b5-1 trading plans. The company emphasized that there is no assurance regarding the timing or magnitude of any stock repurchases, as these decisions will be influenced by multiple factors such as market conditions, price, and alternative investment opportunities.

The Repurchase Plan is not binding the company to acquire any specific volume of common stock, and it reserves the right to modify, suspend, or terminate the plan at its discretion. Information about share repurchases will be accessible through the company’s periodic filings on Form 10-Q and 10-K with the Securities and Exchange Commission (SEC).

A press release associated with the approval of the Repurchase Plan has been filed as Exhibit 99.1 to the current report. Forward-looking statements within this disclosure are subject to risks and uncertainties, as detailed in the company’s previous filings with the SEC, and readers are encouraged to review these filings for a comprehensive understanding of the associated risks.

Additionally, the ongoing forward-looking statements are based on the current understanding of management using available information, and the actual outcomes may diverge due to various risks, uncertainties, and factors. The company will not be bound to update these statements except as legally required, emphasizing the importance of periodically reviewing the SEC filings for the latest information.

The company reiterates that any decisions on share repurchases will reflect prevailing circumstances and future developments, with careful consideration for regulatory compliance and broader market conditions. The Repurchase Plan reflects NextPlat Corp’s commitment to enhancing shareholder value while maintaining financial flexibility and strategic agility within the business landscape.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Orbital Tracking’s 8K filing here.

About Orbital Tracking

Orbital Tracking Corp., through its subsidiaries, develops, distributes, and resells satellite enabled communications hardware; and provides products, airtime, and related services to customers in the United States and internationally. The company also provides equipment and airtime for use on various satellite networks, as well as short-term rental service for customers who want to use its equipment for a limited time period.