Financing ·
NextBoat subsidiary borrows up to $2.2M at 15% interest for working capital bridge financing
NXBNextBoat Inc.
Off The Hook Yacht Sales NC, LLC, a wholly owned subsidiary of NextBoat Inc., issued a Subordinated Promissory Note to BPC Management, LLC on October 9, 2026. The note provides up to $2.2 million in aggregate principal advances for short-term working capital bridge financing. An initial advance of $1.0 million was funded upon execution, with an optional second advance of up to $1.2 million available until December 31, 2026. The debt bears simple interest at 15.0% per annum and matures 90 days after each funding date. A 2% origination fee is payable at maturity. Repayment of the initial advance requires the subsidiary to remit 100% of net equity proceeds from the sale of seven specified pre-owned boats. NextBoat Inc. provided a corporate guaranty, while President Jason Ruegg and his affiliate pledged common stock valued at no less than $5.0 million as collateral. The company operates in the marine retail industry.