secwatch.observer — SEC 8-K summary
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Issuer:     NextTrip, Inc. (NTRP)
CIK:        0000788611
Form:       8-K
Filed at:   2025-01-03T23:59:59+00:00
Accession:  0001493152-25-000299
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 5.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NextTrip raises up to $1.72M in cash, converts $2.1M debt into preferred stock
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- Issued 297,788 Series J preferred shares at $3.02/share for cash.
- Loans of $1M and $220K plus warrants at $4.00; Series K preferred issued as prepaid interest.
- CEO William Kerby and chairman Donald Monaco converted $1.75M in debt into 579,469 Series L preferred shares.
- Up to $500K Series M offering and $350K debt conversion; all preferred convertible only after stockholder approval of Exchange Cap removal.
- Warrants exercisable for up to 1.22M shares at $4.00 per share over three years.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/788611/000149315225000299/0001493152-25-000299-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/788611/000149315225000299/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-000299

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer