NextNRG Amends Series C Preferred Stock; Expects Approximately $9.0 Million to Be Reclassified to Stockholders' Equity
Key Highlights
- ➤Approximately $9.0 million expected reclassified to stockholders’ equity
- ➤Series C redemption right removed beginning on the second anniversary of issuance
- ➤Nasdaq hearing requested; delisting action stayed pending proceedings
- ➤Initial closing issued 1,000,000 preferred shares for $9.2 million
- ➤Updated stockholder approval required for amended Series C financing
Expert Statements
Michael D. Farkas, Founder and Chief Executive Officer of NextNRG
“We expect this amendment to strengthen our equity position as we present our compliance plan to the Nasdaq Hearings Panel,”
Michael D. Farkas, Founder and Chief Executive Officer of NextNRG
“It also allows us to stay focused on what drives long-term value for our stockholders: deploying our AI-driven Smart Controller across microgrids and growing our energy services business.”
MIAMI, FL, Oct. 07, 2026 (GLOBE NEWSWIRE) -- 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 an amendment to its Series C Convertible Non-Voting Preferred Stock that removes the holder's optional redemption right. As a result, the Company expects to reclassify approximately $9.0 million of Series C Preferred Stock issued at the initial closing to stockholders' equity, which the Company believes will support its plan to regain compliance with Nasdaq's listing requirements.
On September 30, 2026, the Company and the institutional investor in its Series C Preferred Stock financing amended the Securities Purchase Agreement originally entered into on August 13, 2026, and agreed to amend the terms of the Series C Preferred Stock as set forth in an amended Certificate of Designation. Under the original agreement, the Company agreed to issue and sell up to 3,000,000 shares of Series C Preferred Stock for an aggregate purchase price of $27.2 million. At the initial closing on August 13, 2026, the Company issued and sold 1,000,000 shares, with an aggregate stated value of $10.0 million, for $9.2 million.
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