Loan & DebtOct 19, 2026, 04:31 PM
NextBoat Subsidiary Secures $2.2M Loan with Personal Stock Pledge
AI Summary
Off The Hook Yacht Sales NC, LLC, a subsidiary of NextBoat Inc., has issued a Subordinated Promissory Note for up to $2.2 million to BPC Management, LLC. The initial advance of $1.0 million was funded on October 13, 2026, with a potential for a second advance of up to $1.2 million by December 31, 2026. The Note carries a 15.0% annual interest rate and a 2% origination fee. Repayment of the initial advance is partially secured by proceeds from the sale of specific inventory boats. NextBoat Inc. has provided a corporate guarantee, and Jason Ruegg, along with Ruegg Capital Group, Inc., has provided a personal guarantee and pledged company stock as collateral.
Key Highlights
- Off The Hook Yacht Sales NC, LLC issued a Subordinated Promissory Note for up to $2.2 million in bridge financing.
- Initial advance of $1.0 million funded on October 13, 2026, with a potential second advance of up to $1.2 million.
- The Note carries a 15.0% annual interest rate and a 2% origination fee on each advance.
- Repayment of the initial advance is secured by 100% of net equity proceeds from the sale of seven specified pre-owned boats.
- The Company (NextBoat Inc.) provided a Corporate Guaranty for Off The Hook's obligations under the Note.
- Jason Ruegg and Ruegg Capital Group, Inc. provided a Personal Guaranty and Stock Pledge Agreement, securing the Note with company stock.
Price Impact
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