secwatch.observer — SEC 8-K summary
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Issuer:     NEXGEL, INC. (NXGL)
CIK:        0001468929
Form:       8-K
Filed at:   2026-02-11T23:59:59+00:00
Accession:  0001493152-26-006124
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

NexGel closes $1.8M Series A convertible note; up to $14.9M more for Q1 acquisition
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- Initial Series A convertible note raised $1,797,381 gross proceeds, bearing 10% interest (18% on default), convertible at $1.244/share with floor $0.2488.
- Proceeds reserved for an approved acquisition; if acquisition closes by April 15, 2026, investor must buy Series B notes up to $14,869,286.
- Series B issuance conditioned on shareholder approval: redomestication to Nevada, reverse split up to 250:1, authorized shares increase to 250M from 25M.
- Convertible notes are senior secured on all company assets; proceeds returned to investor if acquisition not consummated.
- Palladium Capital Group acted as placement agent with 7% cash fee and warrants for 7% of shares sold in the offering.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1468929/000149315226006124/0001493152-26-006124-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1468929/000149315226006124/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-006124

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