NextBoat Inc. (OTH) Form 8-K — Oct 19, 2026
NextBoat Inc.'s wholly owned subsidiary Off The Hook Yacht Sales NC, LLC issued a subordinated promissory note to BPC Management, LLC providing up to $2.2 million in short-term bridge financing, with a $1.0 million initial advance funded and an optional $1.2 million second advance available through December 31, 2026. Each advance bears 15% simple interest with a 2% origination fee and matures 90 days after funding, and the company must sweep 100% of net proceeds from sales of seven specified pre-owned boats to repay the initial advance.
Key figures
- Debt Amount
- $2.2 million aggregate (with $1.0 million Initial Advance funded and up to $1.2 million Second Advance at Lender option)
- Interest Rate
- 15
- Maturity Date
- 90 days after each advance's funding date
- Mandatory prepayment
- 100% of net equity proceeds from seven specified pre-owned boats until Initial Advance repaid
- Default interest rate
- 20
- Origination fee percent
- 2
- Second advance outside date
- 2026-12-31
- Required collateral value usd
- 5000000
AI analysis
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