- EzFill Holdings (NASDAQ:EZFL) on Tuesday announced series of strategic transactions aimed at bolstering its financial position and regaining compliance with Nasdaq listing requirements.
- The debt conversions alone are expected to eliminate an estimated $1.2 million in annual interest expense, it said.
- EzFill has entered into a stock purchase agreement with NextNRG Holding.
- Under this agreement, Next purchased 140,000 shares of EzFill’s Series B convertible preferred stock for $10.00 per share, resulting in a total investment of $1.4M.
- Separately, EzFill has executed two significant debt-to-equity conversion agreements which converted approximately $13.5 million of debt into equity.
- In the first, certain promissory notes issued by EzFill to Next were exchanged and converted into 3,525,341 shares of common stock of EzFill at the Nasdaq minimum price of $2.78 per share.
- In addition, certain promissory notes issued by EzFill to AJB Capital Investments, were exchanged and converted into 363,000 shares of Series A Preferred stock in EzFill.
- EzFill has filed certificates of designation for 513,000 shares of Series A Preferred Stock and 150,000 shares of Series B Convertible Preferred Stock with Delaware Department of State.
- Source: Press Release
Source link
