SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
June 29, 2017
(Date of earliest event Reported)
NEXT GROUP HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
| Florida | | 333-148987 | | 20-3537265 |
(State or other jurisdiction
of incorporation) | | (Commission File Number) | | (I.R.S. Employer
Identification No.) |
1111 Brickell Avenue, Suite 2200, Miami, FL, 33131
(Address of principal executive offices)
Registrant's telephone number, including area code: (800) 611-3622
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
NOTE ABOUT FORWARD LOOKING STATEMENTS
Most of the matters discussed within this report include forward-looking statements on our current expectations and projections about future events. In some cases you can identify forward-looking statements by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions. These statements are based on our current beliefs, expectations, and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed, projected or implied in or by the forward-looking statements. Such risks and uncertainties include the risks noted under “Item 1A Risk Factors.” We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Item 1.01. Entry into a Definitive Material Agreement
On August 17 & August 21, 2017, Next Group Holdings, Inc, ("NXGH" or the "Company") signed Convertible Note Redemption and Lock Up Agreements, with five separate Finance Groups that hold an aggregated value of $1,065,156 in Convertible Notes. These Agreements allow NXGH to buy back up to 80% of the outstanding notes by Sept. 11, 2017. These finance groups are locked up from converting any notes through Sept. 11, 2017. Starting on Sept. 11, 2017, the conversion price floor will increase from $0.02 per share to $0.10 per share if NXGH raises between $2,000,000-$2,999,999 and will increase to $0.15 per share if NXGH is successful in raising $3 million by Sept. 11, 2017.
The renegotiated notes are with the following entities:
1- LG Capital Funding LLC- $678,250 (NXGH may redeem up to $542,600
2- Cerberus Finance Group, Ltd.- $188,250 (NXGH may redeem up to $163,687)
3- Quarum Holdings, LLC- $127,500 (NXGH may redeem up to $150,600)
4- Mountain Ranch Partners, Inc- $43,117(NXGH may redeem up to $37,118)
5- SBI Investments, LLC- $24,759 NXGH may redeem up to $19,807)
Item 9.01 Financial Statements and Exhibit
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: August 21, 2017 | NEXT GROUP HOLDINGS, INC. |
| | | |
| | By: | /s/ Arik Maimon |
| | | Arik Maimon |
| | | Chief Executive Officer |
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