Financing ·
NextTrip, Inc. entered into an exchange agreement with Monaco Investment Partners II, LP to increase its line of…
NTRPNextTrip, Inc.
NextTrip, Inc. entered into an exchange agreement with Monaco Investment Partners II, LP to increase its line of credit by $500,000 and cancel outstanding debt in exchange for newly issued Series B convertible preferred stock at a stated value of $1,000 per share. The lender is owned by Chairman Donald P. Monaco, making this a related-party transaction approved by disinterested directors. Concurrently, the company filed a Certificate of Designation creating 4,500 authorized shares of Series B Preferred Stock with a 12% annual cumulative compounding dividend rate payable quarterly starting January 2, 2027. The preferred stock carries no voting rights but converts to common stock at an initial price of $3.88 per share, subject to beneficial ownership limitations. NextTrip, Inc. operates in the travel technology industry, providing booking and management solutions for vacation rentals.