NextNRG Inks $7M Debt Exchange Deal With CEO Michael D. Farkas To Exchange 7K Series D Convertible Voting Preferred Stock
Benzinga Newsdesk 3 days ago
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NextNRG, Inc. (NASDAQ:NXXT) ("NextNRG" or the "Company"), a pioneer in AI-driven energy innovation transforming how energy is produced, managed and delivered, today announced that it has entered into a
NextNRG, Inc. (NASDAQ:NXXT) ("NextNRG" or the "Company"), a pioneer in AI-driven energy innovation transforming how energy is produced, managed and delivered, today announced that it has entered into a debt exchange agreement with Michael D. Farkas, the Company’s Chief Executive Officer, under which $7,000,000 in outstanding notes, accrued interest and personal guarantee fees owed to Mr. Farkas will be exchanged for 7,000 shares of newly designated Series D Convertible Voting Preferred Stock with an initial stated value of $1,000 per share.