NextNRG Inc.

NextNRG said Wednesday it amended its Series C convertible non-voting preferred stock to remove the holder's optional redemption right and expects to reclassify nearly $9M of the stock issued at the initial closing to stockholders' equity. Under the original agreement, the company agreed to issue and sell up to 3M shares of Series C preferred stock for an aggregate purchase price of $27.2M. At the initial closing on August 13, 2026, the company issued and sold 1M shares, with an aggregate stated value of $10.0M, for $9.2M. Following the amendment, the holder's right to require the company to redeem the Series C preferred stock beginning on the second anniversary of issuance will be removed, and the stock will remain subject to redemption upon certain specified events. The amendment also revises other terms of the Series C preferred stock and the related financing, including conditions for additional closings, requires 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. NextNRG said it believes the move will support its plan to regain compliance with Nasdaq's listing requirements.