NextNRG, Inc. entered into a securities purchase agreement with an institutional investor to issue a senior secured convertible note with an original principal amount of $2.0 million. The company received approximately $1.8 million in gross proceeds from the transaction, which closed on July 24, 2026, and intends to use the funds for general corporate purposes and working capital.
Key Details
- Financing: The company issued a senior secured convertible note with a principal amount of $2.0 million, receiving gross proceeds of approximately $1.8 million.
- Note Terms: The note has a maturity date of October 24, 2026 (a three-month term) and bears an interest rate of 12% per annum. The obligation is secured by substantially all of the company's assets.
- Conversion & Premium: The note is convertible into common stock at a fixed price of $0.75 per share. At maturity or redemption, the company must pay the principal, accrued interest, and a "Payment Premium" equal to 50% of the outstanding principal.