NextNRG files draft information statement on Schedule 14C
NXXT•Shareholder approvals cover equity plan, reverse split and financing
NextNRG shareholders authorized an expansion of the 2023 equity incentive plan share pool to 54,250,000 from 22,250,000.
Shareholders also authorized a reverse stock split, allowing a ratio range of 1-for-5 to 1-for-12 within one year.
In addition, shareholders authorized a Series C Convertible Non-Voting Preferred Stock financing with a $0.135 floor conversion price into common stock.
The financing could include up to 1,000,000 Series C Preferred Shares, targeting maximum aggregate gross proceeds of $9 million.
Shareholders also authorized common stock issuances to CEO and Executive Chairman Michael D. Farkas under his employment agreement, including $2 million annual equity salary.
