Recent Updates — NXB

NextBoat Inc.'s subsidiary, Off The Hook Yacht Sales NC, LLC, entered into a $5.0 million revolving credit agreement with RLLT Capital, LLC on October 23, 2026. An initial advance of $2.0 million was funded on October 22, 2026, bearing interest at 12.99% per annum and maturing on October 22, 2027. The Company guaranteed the obligations, which are secured by a pledge of 7,874,000 shares held by controlling stockholders Jason Ruegg and Ruegg Capital Group Inc., representing approximately 31.3% of outstanding common stock. Additionally, NextBoat issued a warrant to purchase 100,000 shares at $2.50 per share as consideration for the commitment. The proceeds support working capital and inventory purchases for pre-owned boats. NextBoat operates a technology-driven marine marketplace for buying, selling, and servicing boats across the United States.

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.

Chad Corbin resigned as Chief Financial Officer of NextBoat Inc. on October 5, 2026. He will remain in the role during a transition period until a successor is identified. The resignation was not due to any disagreement with management regarding operations or policies and the departure is described as amicable. NextBoat Inc. operates in the marine technology sector.

NextBoat Inc. announced that Brian John resigned as Chief Executive Officer and Ross Tannenbaum was appointed to succeed him, effective September 28, 2026. Mr. John remains on the Board of Directors; his departure was not due to disagreements with company operations. Mr. Tannenbaum, former President of Retail and Collectibles at Fanatics, Inc., received an initial annual base salary of $240,000, increasing to $400,000 in year two, plus a target bonus structure tied to Adjusted EBITDA milestones. He was granted 2,500,000 non-qualified stock options at an exercise price of $1.96 per share as inducement awards, comprising time-based, performance-based, and market-price vesting tranches. The company operates in the marine industry, functioning as a vertically integrated technology-driven marketplace for buying, selling, financing, and servicing boats.

NextBoat Inc. announced two strategic leadership appointments on September 4, 2026: Zebulon Hadley joined the Board of Directors as an independent director and will chair the Compensation Committee, while Todd Bates was named Vice President of Finance & Insurance. Hadley brings over two decades of experience scaling companies, including National Coatings Inc., which generates approximately $39 million in annual revenue. Bates previously served as Corporate Director of Finance for a major marine retail group, where he grew F&I revenue by more than $5 million across 80 locations. These hires aim to strengthen governance and drive revenue growth as the company scales into a mature public entity. NextBoat Inc. operates as a vertically integrated, technology-driven marine marketplace that buys, sells, finances, and services used boats in the United States.

NextBoat Inc. entered into a Loan Agreement with Greentree Financial Group, Inc., issuing a $510,000 principal 10% Convertible Promissory Note maturing August 14, 2028. Net proceeds were approximately $459,000 after a 10% original issuance discount and legal fees. The note accrues interest at 10% per annum, payable quarterly starting October 10, 2026, with an 18% default rate. It is convertible into common stock at $1.785 per share, subject to six-month reset provisions if the closing bid price falls lower. The company also issued a warrant for 100,000 shares at $1.785 and 20,000 restricted commitment shares. NextBoat Inc. operates in the marine technology sector, providing boat sharing and rental services.