NEXTNRG, INC. 8-K

What Happened

• On June 16, 2026, NextNRG, Inc. filed an 8-K disclosing a Stock Purchase Agreement with CEO and Executive Chairman Michael D. Farkas. Under the SPA the company issued 260,000 shares of common stock to Mr. Farkas at $0.386 per share (aggregate $100,360).
• Instead of paying cash, Mr. Farkas agreed to extinguish $100,360 of debt the company owed him under a promissory note dated March 7, 2024; the 2024 Note was terminated upon issuance of the shares.

Key Details

• Date of transaction: June 16, 2026.
• Shares issued: 260,000 common shares at $0.386 per share.
• Consideration: $100,360 of the company’s debt to CEO Michael D. Farkas (2024 Note) was cancelled in lieu of cash payment.
• Related-party: Mr. Farkas is the company’s CEO, Executive Chairman and a significant stockholder; the Stock Purchase Agreement is filed as Exhibit 10.1.

Why It Matters

• This transaction converts $100,360 of debt into equity, reducing the company’s liabilities and increasing its outstanding common stock by 260,000 shares.
• For investors, the deal is a related-party equity issuance that affects capitalization (dilution) and the company’s balance sheet (lower debt). The filing provides the basic terms; investors should review the SPA (Exhibit 10.1) and company disclosures for further context.