EzFill extends shareholder approval for AJB deal to Nov 30; issues $165K note to Next Charging

NEXTNRG, INC.

November amendment with AJB extends deadline for shareholder approval to November 30, 2023, effective retroactively October 25, 2023.
Company issued $165,000 promissory note to Next Charging with $10,000 OID (10%) and 8% interest, rising to 18% after nine months.
Note matures January 3, 2024, with automatic 2-month extensions; default triggers 150% acceleration and conversion at average closing price.
Next Charging's managing member Michael Farkas beneficially owns ~20% of EzFill common stock, making the note a related-party transaction.
Company previously disclosed plans to acquire Next Charging via exchange agreement; closing has not yet occurred.

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 Promissory Note with Next Charging, LLC valued at $165,000 principal, 8% interest first nine months then 18% thereafter, due January 3, 2024 with auto (effective 2023-09-13).

Action: entry
Agreement: notes offering
Counterparty: Next Charging, LLC
Value: $165,000 principal, 8% interest first nine months then 18% thereafter, due January 3, 2024 with auto
Effective: 2023-09-13

Exact text from the filing

On September 13, 2023, the Company and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (the “Loan”).

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

NEXTNRG, INC. amended November Amendment to Amended Purchase Agreement with AJB Capital Investments, LLC valued at Amendment providing extension until November 30, 2023 for Shareholder Approval (effective 2023-10-25).

Action: amendment
Counterparty: AJB Capital Investments, LLC
Value: Amendment providing extension until November 30, 2023 for Shareholder Approval
Effective: 2023-10-25

Exact text from the filing

On November 1, 2023, the Company and AJB executed an additional amendment to the Amended Purchase Agreement (the “November Amendment”), retroactively effective as of October 25, 2023, providing the Company until November 30, 2023 to obtain the Shareholder Approval required by the Purchase Agreement.

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-039322

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