NextNRG (NXXT) said Monday it completed a financial restructuring that consists of a debt conversion agreement and a refinancing scheme, lowering the company's monthly burn by almost $1 million.
The company said it eliminated its obligations to an existing lender by issuing about 1.1 million shares of restricted common stock at $2.15 per share under the debt conversion deal.
NextNRG said it simultaneously secured new financing that replaces its high-cost short-term debt with an eight-month $2 million note.
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