EzFill enters $165K promissory note with NextNRG for working capital; OID 10%, conversion rights

NEXTNRG, INC.

$165K promissory note with NextNRG Holding Corp.; 10% OID ($15K); interest 8% for 9 months then 18%.
Maturity June 22, 2024 with automatic 2-month extensions unless lender opts out; due if EzFill raises ≥$3M.
Default triggers 150% penalty and conversion right at average VWAP or $0.70 floor, cap $2.58; 52,000 commitment shares.
Related party: Michael Farkas, CEO and controlling shareholder of Next, also owns ~20% of EzFill.
Conversion limited by Nasdaq 19.99% cap unless shareholder approval; remaining balance repayable in cash if cap unmet.

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) ("Next") valued at $165,000 (effective 2024-04-22).

Action: entry
Counterparty: NextNRG Holding Corp. (formerly Next Charging, LLC) ("Next")
Value: $165,000
Effective: 2024-04-22

Exact text from the filing

On April 22, 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”) to be used for the Company’s working capital needs.

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-016490

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