---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-050459"
form_type: "8-K"
ticker: "NXXT"
cik: "0001817004"
company_name: "NEXTNRG, INC."
filed_at: "2026-11-06T21:05:31+00:00"
generated_at: "2026-11-06T21:07:37.926103+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# NextNRG CEO Farkas swaps $7M of debt for Series D preferred to bolster Nasdaq equity

## Summary
- CEO Michael D. Farkas exchanged $3,629,924 principal, $2,749,169 interest and $620,907 guarantee fees, totaling $7,000,000, for 7,000 Series D preferred shares at $1,000 stated value.
- Series D accrues 18% cumulative dividends compounding monthly, converts initially at $2.20/share with a $0.44 floor; conversion/voting capped at 9.99% (1,684,224 shares) until Nasdaq cap release.
- No cash was paid; exchanged obligations were cancelled and related security interests and guaranties released. Series D ranks junior to Series C preferred and senior to common stock.
- NextNRG says Nasdaq requires $2.5M stockholders' equity; the exchange is expected to cut $7M of debt but alone does not satisfy the requirement; it awaits a Nasdaq Hearings Panel decision.
- Series C buyer consented via Nov 2, 2026 waiver, extended stockholder-approval deadline to Nov 6, 2026, and allowed an up-to-$25.0M equity facility, with at least 20% of proceeds to redeem Series C.

## SEC filing metadata
- accession: 0001493152-26-050459
- form_type: 8-K
- ticker: NXXT
- cik: 0001817004
- company_name: NEXTNRG, INC.
- filed_at: 2026-11-06T21:05:31+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 3.02, 3.03, 5.03, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1817004/000149315226050459/0001493152-26-050459-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1817004/000149315226050459/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-050459
- JSON: https://secwatch.observer/filing/0001493152-26-050459.json
- Plain text: https://secwatch.observer/filing/0001493152-26-050459.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.