EzFill issues $1.5M convertible note, grants 2M commitment shares to AJB Capital

NEXTNRG, INC.

Note principal $1.5M with $150K OID; net proceeds $1.26M after fees.
Interest 10% (18% on default); maturity Oct 19, 2023.
Conversion only after default; initial conversion price floor $0.74 or VWAP.
Issued 2M commitment shares valued at $700K; repurchase option for $1 if note repaid by Oct 19.
Company granted security interest in all assets to secure obligations.

item 1.01 item 2.03 item 3.02 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEXTNRG, INC. entered into Securities Purchase Agreement with AJB Capital Investments, LLC (effective 2023-04-19).

Action: entry
Agreement: equity purchase
Counterparty: AJB Capital Investments, LLC
Effective: 2023-04-19

Exact text from the filing

On April 19, 2023, EzFill Holdings, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with AJB Capital Investments, LLC (the “Investor”) with respect to the sale and issuance to the Investor of: (i) an initial commitment fee in the amount of $700,000 in the form of 2,000,000 shares (the “Commitment Fee Shares”) of the Company’s common stock (the “Common Stock”) and (ii) a promissory note in the aggregate principal amount of $1,500,000 (the “Note”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEXTNRG, INC. entered into Security Agreement with AJB Capital Investments, LLC (effective 2023-04-19).

Action: entry
Counterparty: AJB Capital Investments, LLC
Effective: 2023-04-19

Exact text from the filing

The Company entered into a security agreement with the Investor (the “Security Agreement”) pursuant to which the Company granted the Investor a security interest in all of the Company’s assets, securing the Company’s obligations under the Purchase Agreement and Note.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEXTNRG, INC. entered into Note with AJB Capital Investments, LLC valued at $1,500,000 (effective 2023-04-19).

Action: entry
Agreement: notes offering
Counterparty: AJB Capital Investments, LLC
Value: $1,500,000
Effective: 2023-04-19

Exact text from the filing

Pursuant to the terms of the Purchase Agreement, the initial Commitment Fee Shares were issued at a value of $700,000, the Note was issued in a principal amount of $1,500,000 for a purchase price of $1,350,000, resulting in an original issue discount of $150,000.

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26 material agreements filed in the last 30 days. Browse all material agreements →

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-013277

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