EzFill enters $165K promissory note with related party NextNRG; 8% interest, convertible at $0.70 floor

NEXTNRG, INC.

$165K loan from NextNRG (managed by Michael Farkas, ~20% owner of EzFill) with $15K OID and 8% interest for 9 months, then 18%.
Upon default, outstanding amount multiplied by 150% and lender can convert to common at greater of 10-day VWAP or $0.70/share (cap $2.00).
Commitment fee of 52,000 shares of common stock issued to NextNRG as of April 2, 2024.
Subject to Nasdaq 19.99% cap unless shareholder approval; if unattainable, remaining balance repayable in cash.
Maturity initially June 2, 2024, auto-extends for 2-month periods; full payment due if EzFill raises ≥$3M.

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 NextNRG Holding Corp. (formerly Next Charging, LLC) valued at $165,000 (effective 2024-04-02).

Action: entry
Counterparty: NextNRG Holding Corp. (formerly Next Charging, LLC)
Value: $165,000
Effective: 2024-04-02

Exact text from the filing

On April 2, 2024, EzFill Holdings, Inc. (the “Company”) and NextNRG Holding Corp. (formerly Next Charging, LLC) (“Next”) entered into a promissory note (the “Note”) for the sum of $165,000 (the “Loan”)

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-013970

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