secwatch.observer — SEC 8-K summary
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Issuer:     NextTrip, Inc. (NTRP)
CIK:        0000788611
Form:       8-K
Filed at:   2025-01-31T23:59:59+00:00
Accession:  0001493152-25-004477
Event type: other_material
Sentiment:  negative
Materiality: 0.50
Item codes: 1.01, 5.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NextTrip raises $85K in Series N preferred and warrants; extends forbearance to Mar 2025
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- Issued 17,000 shares of Series N Nonvoting Convertible Preferred and warrants for 17,000 shares at $5.00/unit for $85,000 gross proceeds.
- Warrants exercisable at $7.50/share, six-month lockup, three-year term; conversion of preferred requires shareholder approval for Exchange Cap removal.
- Extended forbearance with NextTrip Holdings to March 31, 2025, delaying contingent share issuance and board appointments tied to Nasdaq listing approval.
- Net proceeds to be used for working capital; Series N Certificate of Designation filed Jan 30, 2025.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/788611/000149315225004477/0001493152-25-004477-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/788611/000149315225004477/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-25-004477

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