Loan & DebtJul 29, 2026, 05:02 PM
NEXTNRG Secures $2M Senior Secured Convertible Note
AI Summary
NEXTNRG, Inc. entered into a securities purchase agreement with an institutional investor to sell a senior secured convertible note with an aggregate original principal amount of $2,000,000. The company received gross proceeds of approximately $1.8 million and plans to use the net proceeds for general corporate purposes and working capital. The note bears a 12% annual interest rate, matures on October 24, 2026, and is convertible into common stock at $0.75 per share. It is secured by substantially all of the company's assets and guaranteed by its subsidiaries.
Key Highlights
- NEXTNRG entered into a securities purchase agreement to sell a senior secured convertible note.
- The aggregate original principal amount of the note is $2,000,000.
- The company received gross proceeds of approximately $1.8 million from the sale.
- The note bears interest at a rate of 12% per annum and matures on October 24, 2026.
- The note is convertible into common stock at a fixed conversion price of $0.75 per share.
- The note is secured by substantially all of the company's assets and guaranteed by its subsidiaries.
- The company intends to use the net proceeds for general corporate purposes and working capital.
Price Impact
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