other material
confidence high
sentiment neutral
materiality 0.65
NextNRG amends Series C preferred financing, adds mandatory closings tied to $500,000 volume and $40M market cap
NEXTNRG, INC.
- Amendment dated September 30, 2026 modifies the August 13, 2026 Securities Purchase Agreement and Certificate of Designation for NextNRG's Series C Convertible Non-Voting Preferred Stock.
- Additional mandatory closings require $500,000 daily dollar trading volume, VWAP above 200% of Floor Price, market cap above $40,000,000, and no more than $2,500,000 stated value outstanding.
- Company may force additional mandatory closings only if closing price exceeds $10.50 and no Equity Conditions Failure or Trigger Event exists; one notice per 30 trading days.
- Leak-out limits buyers to greater of $100,000 or 15% of daily dollar trading volume per trading day, with no daily limit during a Mandatory Redemption Event or Trigger Event.
- NextNRG must obtain stockholder approval by October 15, 2026 and file a preliminary information statement by November 30, 2026; split authorization covers reverse splits of 5-for-1 up to 35-for-1.