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NextNRG, Inc. (NASDAQ:NXXT) announced Thursday that it has entered into an at-the-market (ATM) sales agreement with ThinkEquity LLC, H.C. Wainwright & Co., LLC, and Roth Capital Partners (WA:CPAP), LLC to offer and sell shares of its common stock with an aggregate offering price of up to $75 million. The company disclosed the arrangement in a statement based on a filing with the U.S. Securities and Exchange Commission.
Under the terms of the ATM agreement, the sales agents will use commercially reasonable efforts to sell shares of NextNRG common stock from time to time, following instructions from the company, including any specified price, time, or size limits. The shares may be sold through at-the-market offerings as defined under SEC rules, as well as in privately negotiated transactions. This capital raising effort comes as InvestingPro analysis indicates the company faces liquidity challenges with a current ratio of 0.22, suggesting short-term obligations exceed liquid assets.
NextNRG will pay the agents a fixed commission rate of 3.0% of the aggregate gross proceeds from the sale of shares under the agreement. The company has also agreed to reimburse the agents for certain fees and expenses, including legal fees, up to $75,000 upon execution of the agreement, and up to $7,500 per quarter for the first three quarters of each year, and $10,000 for the fourth quarter.
There is no obligation for NextNRG to sell any shares under the agreement, and the company may instruct the agents not to sell shares below a price it designates. The agreement will terminate upon the sale of all shares under the agreement or as otherwise specified in the contract.
Sales under the ATM agreement will be made pursuant to NextNRG’s existing shelf registration statement on Form S-3, which was declared effective by the SEC on January 3, 2023, and a related prospectus supplement filed Thursday.
The company filed a copy of the ATM agreement and a legal opinion from Sichenzia Ross Ference Carmel LLP as exhibits to the SEC filing. The information in this article is based on a press release statement.
In other recent news, NextNRG Inc. announced plans to acquire ReFuel Mobile, a Canadian mobile fueling company, marking its first international expansion. The acquisition is expected to close by August 1, 2025, pending due diligence and final agreements. ReFuel Mobile has shown significant growth, ranking 36th on the Globe and Mail’s list of Canada’s fastest-growing companies with a 1,166% three-year revenue growth. In financial updates, NextNRG reported preliminary May 2025 revenue of $6.6 million, a 148% increase year-over-year, with year-to-date revenue reaching approximately $28.89 million. Additionally, ThinkEquity initiated coverage on NextNRG with a Buy rating, highlighting the company’s strategic shift towards a distributed energy infrastructure platform. The company remains unprofitable, with a Q1 adjusted EBITDA of negative $3.4 million and a net loss of $8.9 million. NextNRG recently entered into $3 million loan agreements with share pledges to investors, further securing its financial operations. Lastly, NextNRG will be added to the Russell 2000 and 3000 Indexes, effective June 30, 2025, marking a significant milestone in its growth trajectory.
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