NextPlat (NXPL) plans to halt certain e-commerce development program initiatives aimed at helping US-based businesses improve sales in China's consumer market amid rising tariffs.
"This condition is expected to have a material impact on anticipated sales of US products into China," NextPlat said Friday in a statement.
The pause includes "the introduction of a new line of vitamins and supplements under the Florida Sunshine brand name, since these offerings would be subject to the increased tariffs and would face significant import costs, which management believes will reduce its ability to compete with locally produced products," the company said.
NextPlat plans to continue selling products in China that are not subject to the increased tariffs, including some OPKO Health Europe products.
Shares of the company fell 9.8% in after-hours trading.
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