NextDecade Corp. director resigns, replacement expected

NextDecade Corporation (NASDAQ:NEXT), a $2.16 billion market cap player in the natural gas transmission and distribution industry with significant operational challenges according to InvestingPro analysis, announced today the immediate resignation of Mr. Timothy Wyatt from its Board of Directors. The departure, detailed in an SEC filing on Friday, June 13, 2025, was not due to any disagreements with the company’s operations, policies, or practices, according to a letter from Mr. Wyatt. His resignation was attributed to his decision to leave his employment with the Hanwha Group to pursue other opportunities.

Mr. Wyatt was appointed to the Board in January 2024 under the Purchaser Rights Agreement with HGC NEXT INV LLC, an affiliate of the Hanwha Group, dating back to August 3, 2018. The company faces substantial financial challenges, with InvestingPro data showing a concerning debt-to-equity ratio of 15.52 and rapid cash burn rate. The Hanwha Group has informed NextDecade that it plans to appoint a new director to the Board as per the agreement, although no timeline was provided for this appointment.

NextDecade, headquartered in Houston, Texas, is incorporated in Delaware and is listed on The Nasdaq Stock Market LLC under the trading symbol NEXT. The stock currently trades at $8.30, showing resilience with an 18.5% gain over the past six months despite challenging market conditions. The company’s recent filing confirms that there are no further changes or events to report regarding its executive team or board composition beyond Mr. Wyatt’s resignation.

Investors and stakeholders are now awaiting further announcements from NextDecade regarding the new board member who will replace Mr. Wyatt. For deeper insights into NextDecade’s financial health and extensive analytical metrics, investors can access additional InvestingPro tips and detailed financial analysis tools. The incoming director will be designated by HGC in accordance with the existing Purchaser Rights Agreement.

This news comes directly from an 8-K filing with the SEC, which serves as an official source for corporate disclosures. The details provided in the filing are limited to the facts of Mr. Wyatt’s resignation and the company’s expectation of a new board member appointment, without speculative or promotional commentary.

In other recent news, NextDecade Corporation announced several key developments that are of interest to investors. The company reported the expansion of its Rio Grande LNG facility to include Trains 6 through 8, which will increase its production capacity to 48 million tonnes per annum. In a significant move, NextDecade secured a 20-year agreement to supply LNG to Japan’s JERA, involving two million tonnes per annum from its Rio Grande project. Additionally, NextDecade has entered into another 20-year sale and purchase agreement with a subsidiary of Aramco (TADAWUL:2222) for 1.2 million tonnes per annum from Train 4, contingent on a final investment decision.

The firm also received a favorable outcome in a D.C. Circuit Court case, allowing uninterrupted construction while FERC completes a supplemental environmental impact statement. Analyst firm Stifel reaffirmed a Buy rating for NextDecade, maintaining a $15 price target, following the LNG supply agreement with Aramco. This endorsement comes as regulatory hurdles appear reduced, enhancing prospects for a final investment decision on Train 4.

NextDecade’s stockholders recently approved an amendment to the 2017 Omnibus Incentive Compensation Plan, increasing available shares by five million. The company also elected new directors during its annual stockholders meeting and ratified KPMG LLP as independent auditors for the fiscal year ending December 31, 2025. These developments reflect NextDecade’s ongoing efforts to expand its customer base and infrastructure while maintaining a focus on sustainable energy solutions.

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