NextTrip converts $3M credit line plus $500K increase into Series B convertible preferred

NextTrip, Inc.

Exchange Agreement with Monaco Investment Partners II LP (chairman Donald P. Monaco) cancels $3M advances + accrued interest for Series B preferred shares.
Line of credit increased by $500,000 to $3.5M total; advances exchanged for preferred stock at $1,000 stated value per share.
Series B preferred pays 12% cumulative compounding dividends, convertible at $3.88 per share, subject to 19.99% ownership cap.
4,500 Series B shares designated; conversion/redemption at stated value plus accrued dividends; no shares outstanding under predecessor Series B.
Related-party transaction approved by disinterested directors and audit committee; securities issued unregistered under Section 4(a)(2)/Reg D.

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