NextNRG sells 1,000,000 Series C preferred shares in $9.2 million private placement
NXXT•NextNRG issued 1,000,000 Series C convertible non-voting preferred shares for $9.2 million in an initial closing of a private placement for up to $27.2 million.
1. Initial placement closing
NextNRG disclosed a private placement with an institutional investor for up to 3,000,000 Series C convertible non-voting preferred shares. The initial closing on Aug. 13 issued 1,000,000 shares for $9.2 million.
2. Amended closing terms
A Sept. 30 amendment tied additional mandatory closings to stock-price thresholds and the absence of redemption or trigger events, ahead of a planned redomestication from Delaware to Nevada. NextNRG agreed to seek stockholder approval for issuance of all common shares issuable upon conversion of the Series C preferred shares.
