NextNRG Amends Series C Preferred Stock to Support Nasdaq Compliance
News related to:NextNRG, Inc · 2 min read
MIAMI, FL, Oct. 07, 2026 /CourierPR/ -- NextNRG, Inc., a pioneer in AI-driven energy innovation, has amended its Series C Convertible Non-Voting Preferred Stock, removing the holder's optional redemption right. This move is expected to reclassify approximately $9.0 million of the Series C Preferred Stock issued at the initial closing to stockholders' equity, a development that NextNRG believes will support its plan to regain compliance with Nasdaq's listing requirements.
On September 30, 2026, the Company and an institutional investor amended the Securities Purchase Agreement originally entered into on August 13, 2026. Under the original agreement, NextNRG 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.
The amendment, which removes the holder's right to require the Company to redeem the Series C Preferred Stock beginning on the second anniversary of issuance, is expected to increase stockholders' equity by approximately the same amount. The final amount and accounting treatment remain subject to the completion of the Company's accounting analysis and review by its independent registered public accounting firm.
NextNRG's common stock continues to trade on the Nasdaq Capital Market under the symbol "NXXT." The Company intends to present its plan to regain compliance, including the expected reclassification described above, to the Nasdaq Hearings Panel.
As previously disclosed on September 18, 2026, the Company received a determination letter from the Listing Qualifications Staff of Nasdaq. The Company timely requested a hearing before the Nasdaq Hearings Panel, which has stayed any further delisting action pending the conclusion of the hearing process. NextNRG's forward-looking statements, including those related to the reclassification and compliance plan, are subject to certain risks and uncertainties, including the outcome of the Nasdaq hearing and the Company's ability to regain and maintain compliance with Nasdaq's continued listing requirements.
The amendment also revises certain other terms of the Series C Preferred Stock and the related financing, including the conditions for additional closings, requires the Company to obtain updated stockholder approval for the transaction, as amended, and conforms the terms to the Company's anticipated redomestication to Nevada and its recent 1-for-10 reverse stock split.