DealsMay 8, 2026, 04:12 PM
NextTrip Raises $1.015M via Series B Preferred Stock & Warrants
AI Summary
NextTrip, Inc. completed a Series B Offering, raising $1,015,000 from an accredited investor through a securities purchase agreement. The company issued 368,421 Series B Convertible Preferred Shares, an additional 40,000 shares as an issuance fee, and a five-year warrant to purchase 100,000 shares of Common Stock, all at $2.7550 per share. The company's obligations are secured by a pledge of 1,365,314 shares of Common Stock owned by CEO William Kerby. The proceeds will be used for working capital and general corporate purposes, and the company plans to file a registration statement for the resale of the underlying shares.
Key Highlights
- NextTrip raised $1,015,000 through a securities purchase agreement with an accredited investor.
- The company issued 368,421 Series B Convertible Preferred Shares, plus 40,000 as an issuance fee.
- A five-year warrant to purchase 100,000 shares of Common Stock was also issued.
- The purchase price for the preferred shares and the warrant exercise price is $2.7550 per share.
- CEO William Kerby pledged 1,365,314 shares of his Common Stock as security for the company's obligations.
- The company will use the net proceeds as working capital for general corporate purposes.
- NextTrip agreed to file a registration statement for the resale of underlying shares within 15 days.
- Conversion and exercise are limited to 4.99% of outstanding Common Stock, adjustable to 19.99%.
Price Impact
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