NextNRG, Inc. amended its Securities Purchase Agreement with an institutional investor, originally dated August 13, 2026, for the sale of its Series C Convertible Non-Voting Preferred Stock. The amendment, dated September 30, 2026, was made in connection with the company's planned redomestication from Delaware to Nevada and introduces more stringent terms for the investor.
Key Details
- Agreement Amendment: The amendment modifies the terms under which the company can require additional financing tranches and alters the rights of the Series C Preferred Stock holders.
- New Terms: The changes introduce "Trigger Events" that, if they occur, automatically increase the stated value of outstanding preferred shares by 25%, with further 10% increases every 30 days the event continues. The stated value also increases by 10% on the two-year anniversary of issuance and monthly thereafter.
- Stockholder Approval: The company now requires stockholder approval for the issuance of all common shares convertible from the Series C Preferred Stock.
- Other Events: The company also disclosed it received a Nasdaq delisting determination on September 18, 2026. A hearing to appeal the decision is scheduled for October 22, 2026, and the delisting action is stayed pending the outcome.