NXXT•NextNRG agreed to exchange $7 million owed to CEO Michael D. Farkas for 7,000 preferred shares, but the transaction alone will not meet Nasdaq’s $2.5 million minimum equity requirement.
NextNRG agreed to exchange $7 million owed to CEO Michael D. Farkas for 7,000 Series D Convertible Voting Preferred Stock shares, each with an initial stated value of $1,000. Upon closing and issuance, the obligations will be canceled in full. The exchange will strengthen stockholders’ equity but will not alone satisfy Nasdaq’s $2.5 million minimum equity requirement.
