NextNRG, Inc. Announces Closing of Public Offering

Rhea-AI Summary

NextNRG (Nasdaq: NXXT) has completed a public offering of 5,000,000 shares of common stock at $3.00 per share, raising $15 million in gross proceeds before deducting underwriting discounts and expenses. The company has granted underwriters a 45-day option to purchase up to 750,000 additional shares for over-allotments.

The company, formerly known as EzFill Holdings, completed a share exchange agreement and began trading under the new ticker symbol NXXT on February 14, 2025. The proceeds will be used to expand business operations, repay outstanding debt, and for general corporate purposes including working capital. ThinkEquity served as the sole book-runner for the offering.

Positive

• Raised $15 million in gross proceeds through public offering
• Successfully completed share exchange and listing under new ticker NXXT
• Proceeds will be used for business expansion and debt repayment

Negative

• Potential dilution for existing shareholders due to 5 million new shares
• Additional dilution possible if 750,000 over-allotment shares are purchased
• Outstanding debt requiring repayment from offering proceeds

Insights

Financial Analyst

This $15 million public offering represents a strategic pivot for NextNRG, marking a significant transformation from its previous identity as EzFill Holdings. The pricing at $3.00 per share reflects careful consideration of market conditions and investor appetite in the renewable energy sector.

The capital raise structure is particularly noteworthy for several reasons:

• The 45-day over-allotment option for 750,000 additional shares provides flexibility to capture additional capital if market conditions prove favorable, potentially increasing the total raise by $2.25 million
• The allocation of proceeds towards debt repayment suggests a strategic move to strengthen the balance sheet, potentially reducing interest expenses and improving financial flexibility
• The timing of the offering, coinciding with the rebranding to NextNRG, indicates a calculated effort to position the company more attractively in the renewable energy space, moving away from its previous focus on mobile fueling

The engagement of ThinkEquity as the sole book-runner suggests a targeted approach to institutional investors, while the dual-purpose use of proceeds (debt reduction and growth capital) balances risk mitigation with expansion opportunities. This balanced approach could prove important as the company navigates the capital-intensive renewable energy sector.

The successful completion of this offering, despite current market volatility, demonstrates investor confidence in the company's strategic direction. However, the execution of the business expansion plans and the pace of debt reduction will be critical factors to monitor in the coming quarters.

NextNRG, Inc. is Trading Under the New Ticker Nasdaq: NXXT after Closing of Share Exchange with Ezfill Holdings, Inc.

MIAMI, Feb. 18, 2025 (GLOBE NEWSWIRE) -- NextNRG, Inc. (“NextNRG” and the “Company”) (Nasdaq: NXXT), a company focused on renewable energy, mobile fueling, and next-generation energy infrastructure, today announced the closing of a public offering of 5,000,000 shares of common stock at a price to the public of $3.00 per share, for gross proceeds of $15,000,000, before deducting underwriting discounts and offering expenses. In addition, NextNRG has granted the underwriters a 45-day option to purchase up to an additional 750,000 shares of common stock to cover over-allotments, if any.

NextNRG previously announced the closing of its previous share exchange agreement with EzFill Holdings, Inc. Effective February 14, 2025, the Company changed its name from “EzFill Holdings, Inc.” to “NextNRG, Inc.” The Company’s common stock ceased trading under the ticker symbol “EZFL” and began trading on the Nasdaq Capital Market under the ticker symbol “NXXT” and the new CUSIP number 652941105 as of the commencement of trading on February 14, 2025.

The Company intends to use the proceeds to expand its business, repay outstanding indebtedness, and general corporate purposes, including working capital.

ThinkEquity acted as sole book-runner for the offering.

Anthony, Linder & Cacomanolis, PLLC acted as legal counsel to NextNRG and Loeb & Loeb LLP acted as legal counsel to ThinkEquity in connection with the offering.

A registration statement on Form S-1 (File No. 333-275761) relating to the shares was filed with the Securities and Exchange Commission (“SEC”) and a post-effective amendment thereto became effective on February 13, 2025. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41^st Floor, New York, New York 10004.  

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About NextNRG, Inc. (f/k/a EzFill Holdings, Inc.)

NextNRG Holding Corp. (NextNRG) and EzFill have merged to form a combined entity focused on renewable energy, mobile fueling, and next-generation energy infrastructure. By leveraging artificial intelligence (AI) and machine learning (ML) technologies, NextNRG is developing an integrated ecosystem that combines solar energy generation, battery storage, wireless electric vehicle (EV) charging, and on-demand fuel delivery.

At the core of NextNRG’s strategy is the deployment of NextNRG Smart Microgrids, which utilize AI-driven energy management alongside solar power and battery storage to enhance energy efficiency, reduce costs, and improve grid resiliency. These microgrids are designed to serve commercial properties, schools, hospitals, nursing homes, parking garages, rural and tribal lands, recreational facilities, and government properties, expanding energy accessibility while supporting decarbonization initiatives.

Following the merger with EzFill, NextNRG is integrating sustainable energy solutions into mobile fueling operations. The company will provide renewable energy to its fueling partners, supporting more efficient fuel delivery while advancing clean energy adoption. It continues to expand its growing fleet of fuel delivery trucks and national footprint, including the acquisition of Yoshi Mobility’s fuel division, further solidifying its position as a leader in the on-demand fueling industry.

By combining renewable energy innovation with mobile fueling expertise, NextNRG is building a sustainable energy ecosystem that bridges traditional fuel needs with AI-powered clean energy solutions.

The combined entity, NextNRG, is trading under the symbol NXXT on the Nasdaq Capital Market. To find out more visit NextNRG.com.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements include statements regarding, among other things, NextNRG’s expectations regarding NextNRG’s expectations with respect to granting the underwriters a 45-day option to purchase additional shares and NextNRG’s anticipated use of the net proceeds from the proposed offering. Any statement describing NextNRG’s goals, expectations, financial or other projections, intentions, or beliefs is a forward-looking statement and should be considered an at-risk statement. Words such as "expect," "intends," "will," and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, including, but not limited to, those related to NextNRG’s business and macroeconomic and geopolitical events. These and other risks are described in the prospectus related to the offering to be filed with the SEC. NextNRG’s forward-looking statements involve assumptions that, if they never materialize or prove correct, could cause its results to differ materially from those expressed or implied by such forward-looking statements. Although NextNRG’s forward-looking statements reflect the good faith judgment of its management, these statements are based only on facts and factors currently known by NextNRG. Except as required by law, NextNRG undertakes no obligation to update any forward-looking statements for any reason. As a result, you are cautioned not to rely on these forward-looking statements.

Investor Relations Contact:

Jeff Ramson, CEO

PCG Advisory, Inc.

jramson@pcgadvisory.com

FAQ

How much did NextNRG (NXXT) raise in its February 2025 public offering?

NextNRG raised $15 million in gross proceeds through a public offering of 5 million shares at $3.00 per share.

What is the over-allotment option in NextNRG's (NXXT) February 2025 offering?

NextNRG granted underwriters a 45-day option to purchase up to 750,000 additional shares to cover over-allotments.

When did NextNRG begin trading under the NXXT ticker symbol?

NextNRG began trading under the ticker symbol NXXT on February 14, 2025, following its share exchange with EzFill Holdings.

How will NextNRG (NXXT) use the proceeds from its February 2025 offering?

NextNRG will use the proceeds to expand its business, repay outstanding indebtedness, and for general corporate purposes, including working capital.