NextNRG Amends Series C Preferred Stock; Expects Approximately $9.0 Million to Be Reclassified to Stockholders' Equity
Key Highlights
- ➤$9.0 million Series C carrying value expected reclassified to stockholders’ equity
- ➤Optional redemption right removed from Series C Preferred Stock
- ➤$27.2 million financing covers up to 3,000,000 preferred shares
- ➤Nasdaq hearing requested; delisting action stayed pending proceedings
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.”
Amendment removes holder's optional redemption right on Series C Preferred Stock and supports the Company's plan to regain compliance with Nasdaq's listing requirements
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.
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