EzFill Holdings (EZFL) has released an update.
EzFill Holdings, Inc. secured a $165,000 loan from Next Charging, LLC to bolster its working capital, with an interest rate starting at 8% and escalating to 18% after nine months. The loan is due on April 7, 2024, but can be extended unless Next objects. Crucially, if the company raises $3 million, the debt becomes immediately payable. Additionally, a default would increase the debt by 150%, and Next could convert it into company stock. Notably, Next’s managing member, Michael Farkas, who owns a significant company stake, has previously agreed to make Next a wholly-owned subsidiary of EzFill Holdings.
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