Financing ·
Exchanges $7M in debt owed by CEO into Series D Preferred Stock
NXXTNextnrg, Inc.
NextNRG exchanged $7 million of outstanding promissory notes, accrued interest, and guarantee fees owed to CEO Michael Farkas for 7,000 shares of newly designated Series D Convertible Voting Preferred Stock. The transaction closed on November 3, 2026, cancelling the debt in full without cash payment. An institutional investor consented to the issuance via a Limited Consent and Waiver. This move aims to strengthen stockholders' equity as part of a plan to regain Nasdaq compliance. NextNRG operates AI-driven energy innovation technologies including smart controllers for microgrids and EV charging infrastructure.