secwatch.observer — SEC 8-K summary
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Issuer:     NEXTNRG, INC. (NXXT)
CIK:        0001817004
Form:       8-K
Filed at:   2026-11-06T21:05:31+00:00
Accession:  0001493152-26-050459
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 3.02, 3.03, 5.03, 8.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1817004/000149315226050459/0001493152-26-050459-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1817004/000149315226050459/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-050459

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