secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2024-03-14T23:59:59+00:00
Accession:  0001493152-24-009960
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224009960/0001493152-24-009960-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315224009960/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-009960

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