Orbsat Corp Initiates Transition To NextPlat Effective January 21, 2022
Orbsat Corp (NASDAQ:OSAT)(NASDAQ:OSATW) ("Orbsat" or the "Company"), a global e-commerce provider, today announced that it has changed its corporate name to NextPlat Corp ("NextPlat") with an effective date of January 21, 2022 ("Effective Date"). The website for NextPlat will be www.nextplat.com.
In connection with the corporate name change, the Company's Common Stock will begin trading on January 21, 2022, under the new ticker symbol "NXPL" and will retain the current CUSIP of 68557F209, and the Company's Warrants will begin trading on January 21, 2022, under the new ticker symbol "NXPLW" and will retain the current CUSIP of 68557F118. The corporate name change does not affect the ongoing operations of the Company's Global Telesat Communications Ltd and Orbital Satcom Corp business units nor the rights of the Company's stockholders.
"Today is an exciting day for the NextPlat team as we formally enter a new phase of our plan to build the next great e-commerce company. Supported by recent funding rounds raising gross proceeds in excess of $21 million, and guided by a clear business strategy and vision, we are embracing the future of e-commerce and committed to serve as a growth platform for companies of all kinds," said Charles M. Fernandez, Chairman and CEO of NextPlat. "Looking ahead, we see a tremendous opportunity to expand the reach of our existing global platforms through the introduction and launch of new capabilities, joint ventures and acquisitions which will enable customers to capitalize on the value of their physical and digital assets, reaching new markets around the world."
Expanding beyond its current global network of online storefronts serving thousands of consumers, enterprises, and governments, NextPlat intends to develop a next generation platform for digital assets built for Web3. The Company's new platform will enable the use of a range of digital assets including non-fungible tokens ("NFTs") in e-commerce and in community-building activities.