NEXT-ChemX swaps $400,000 debt for Series B preferred shares in deal with two investors
CHMX•Debt-for-equity swap completed
NEXT-ChemX completed a debt-for-equity swap, issuing 80,000 newly authorized Series B Preferred Shares to two accredited investors.
The transaction cut balance-sheet debt by $400,000, reflecting $200,000 of secured debt canceled for each investor.
Preferred notes extended and voting control increased
Holders also extended most Series B Preferred Convertible Promissory Notes, including defaulted notes, to Dec. 31, 2026.
The Series B issuance gave the two investors about 58% voting control, based on 40,000,000 votes versus 28,546,835 common shares outstanding.
