EzFill issues $165K promissory note to affiliate Next Charging with conversion rights

NEXTNRG, INC.

$165,000 promissory note to Next Charging, LLC for working capital; managing member owns ~20% of EzFill.
Note carries 10% OID ($15,000), 8% interest for first 9 months then 18%; matures May 8, 2024 with auto 2-month extensions.
Upon default, conversion price is greater of 10-day VWAP or $0.70 floor, capped at $2.05; subject to Nasdaq 19.99% cap.
EzFill issues 52,000 commitment fee shares to Next; note also accelerates if EzFill raises at least $3M.
Transaction reflects related-party nature as Next is to be acquired by EzFill under prior Exchange Agreement.

item 1.01 item 3.02 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 Note with Next Charging, LLC ("Next") valued at $165,000 (effective 2024-03-08).

Action: entry
Agreement: credit facility
Counterparty: Next Charging, LLC ("Next")
Value: $165,000
Effective: 2024-03-08

Exact text from the filing

On March 8, 2024, EzFill Holdings, Inc. (the “Company”) and Next Charging, LLC (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (the “Loan”)

View on SEC.gov

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

NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-009960

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.