NextNRG issues 1M shares to CEO Farkas at $1.67, cancels $1.67M debt

NEXTNRG, INC.

Issued 1,000,000 restricted shares to CEO and Executive Chairman Michael D. Farkas at $1.67 per share.
Purchase price paid by canceling $1,670,000 of outstanding debt owed by company to Farkas under five promissory notes from May-June 2025.
Shares issued in private placement exempt from registration under Section 4(a)(2); no shareholder approval required.
CEO Farkas continues in his roles as CEO and Executive Chairman of NextNRG.
Company reduces debt while increasing insider ownership; stock closed at $1.67 on issuance date.

Key facts

Extracted from this filing and checked against the source text.

Equity Issuances SEC 8-K Item 3.02/3.03 confidence 0.97

NEXTNRG, INC. issued 1,000,000 restricted shares of its common stock of common stock to Michael D. Farkas for cancellation and discharge of $1,670,000 of outstanding indebtedness.

Security: common stock
Shares: 1,000,000 restricted shares of its common stock
Purchaser: Michael D. Farkas
Consideration: cancellation and discharge of $1,670,000 of outstanding indebtedness

Exact text from the filing

Pursuant to the SPA, the Company issued 1,000,000 restricted shares if its common stock to the Lender at a price of $1.67 per share. The purchase price was paid by the Lender through the cancellation and discharge of $1,670,000 of outstanding indebtedness owed by the Company to the Lender under promissory notes dated May 5, 2025, May 9, 2025, May 19, 2025, May 20, 2025, and June 10, 2025.

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NEXTNRG, INC. filing history →

Source: SEC EDGAR

accession 0001493152-25-014161

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