Next-ChemX entered Subscription Agreements with its two principal investors to issue 80,000 Series B Preferred shares in exchange for canceling $400,000 of secured debt, reducing liabilities and consolidating voting control. Concurrently, the investors amended outstanding convertible promissory notes, extending maturities to December 31, 2026, addressing existing and imminent defaults. Management expects the transactions to improve liquidity and provide time to execute strategic plans.
Agreement 1: Next-ChemX Issues 80,000 Series B Preferred to Cancel $400,000 Debt
- Agreement type: Subscription Agreements for Series B Preferred Stock issuance for debt cancellation
- Counterparty: Ann Mollicone and Arastou Mahjoory
- Signed / Effective: Jun 22 2026 / same
- Duration / Termination: At will
- Reason: Reduce debt and stabilize capital structure
Agreement 2: Next-ChemX Extends Convertible Note Maturities to Dec. 31, 2026
- Agreement type: Amendments to convertible promissory notes
- Counterparty: Ann Mollicone and Arastou Mahjoory
- Signed / Effective: Jun 22 2026 / same
- Duration / Termination: Through Dec 31 2026
- Reason: Extend maturities and avoid default
Original SEC Filing:
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