NextNRG, Inc. secured written consent from majority shareholders for a corporate restructuring.
The board is now authorized to execute a reverse stock split at a ratio between 1-for-5 and 1-for-12. This move aims to satisfy the Nasdaq minimum bid price requirement of $1.00.
Shareholders approved increasing the 2023 Equity Incentive Plan reserve to 54,250,000 shares. CEO Michael D. Farkas will receive an equity signing bonus valued at $8,160,000. The board also established an annual equity salary of $2,000,000 for Farkas.