NextNRG Inc. closed a $6.4 million private placement with a global institutional investor. The company issued 10 million shares of common stock to secure the funding.
Management will allocate approximately $2.42 million of the proceeds to retire all outstanding convertible debt. The remaining capital will support working capital and strategic growth initiatives across its operating segments.
The transaction eliminates what management described as a structural overhang to strengthen the balance sheet. This move follows a Nasdaq non-compliance notice regarding the company's failure to maintain a $1.00 minimum bid price.