NextNRG, Inc. (Nasdaq: NXXT) is about to leave the Nasdaq. The company sells EV chargers alongside its microgrid and mobile fueling businesses. In a Form 8-K filed Nov. 10, 2026, it said a Nasdaq Hearings Panel had turned down its request to stay listed on Nov. 9. Trading in its shares was set to be suspended at the market open on Nov. 11, 2026.

The ruling came six days after NextNRG announced that it would wipe out $7,000,000 it owed its chief executive, Michael D. Farkas, by giving him preferred stock instead. Both events appear in the company's own SEC filings. ChargerFeed could not find any independent news report on the Nov. 9 panel decision, so the account below of the ruling and the suspension date comes from the 8-K alone.

Most of this story is about the company's finances, not its chargers. The questions below cover what happened, in what order, and what the filings do and do not say.

How did NextNRG get here?

The 8-K and earlier coverage lay out a timeline that ran most of 2026:

  • Mar. 16, 2026: Nasdaq told the company it did not meet the exchange's $1.00 minimum bid price requirement.
  • Sep. 15, 2026: Nasdaq staff decided to delist the stock. Panabee reported on Sep. 18 that the company was not eligible for a second 180-day period to fix the problem. NextNRG asked for a hearing before the Sep. 22 deadline. That request put the delisting on hold until the Hearings Panel ruled.
  • Oct. 21, 2026: Nasdaq raised a second problem. The company did not meet the $35 million market-value-of-listed-securities requirement.
  • Oct. 22, 2026: The hearing took place.
  • Oct. 30, 2026: A 1-for-10 reverse stock split took effect, according to the company's Nov. 3 exhibit.
  • Nov. 3, 2026: NextNRG disclosed the $7 million debt exchange with its CEO.
  • Nov. 9, 2026: The panel denied the request to stay listed.
  • Nov. 11, 2026: Trading on Nasdaq was set to be suspended at the open.

A reverse split is a common way to push a share price back above a $1.00 floor, because it combines many shares into fewer, higher-priced ones. The Nov. 3 exhibit says the Oct. 30 split was intended to raise the per-share price to meet the $1.00 minimum bid requirement, and that there was no assurance it would restore compliance. The filings do not say what the panel thought of it. The 8-K reports the panel's decision but does not explain its reasons in the facts available to ChargerFeed.

What was the $7 million exchange?

Exhibit 99.1, dated Nov. 3, 2026, describes the deal. The company would cancel $7,000,000 it owed Farkas. In return, he would get 7,000 shares of Series D Convertible Voting Preferred Stock, each with a stated value of $1,000. The $7 million came from three items:

  • $3,629,924 in principal
  • $2,749,169 in accrued interest
  • $620,907 in fees for personal guarantees

Together these add up to exactly $7,000,000. Accrued interest and guarantee fees make up about 48% of the total. The company says its independent Audit Committee approved the exchange.

The exhibit also mentions Nasdaq's $2.5 million minimum stockholders' equity requirement. It says the exchange does not, on its own, meet that requirement. In plain terms, moving debt off the balance sheet raises equity on paper, but the company did not claim that this deal alone would get it over that bar.

Why are people questioning it?

BriefGlance ran an opinion piece on Nov. 3 that asked whether the deal was "financial engineering" or survival. It noted two things. First, earlier notes owed to the CEO carried interest rates as high as 12%, plus original issue discounts. Second, it cited market observers saying that preferred shares like these often come with enhanced voting rights and could consolidate insider control while diluting the voting power of common shareholders. The exhibit does describe the new stock as "Voting" preferred. ChargerFeed includes this as context only. It is commentary, and the company's filings do not respond to it.

None of this is investment advice. ChargerFeed is reporting what the filings disclose, not judging whether the stock or the preferred shares are worth owning.

What happens next with the listing?

The 8-K says NextNRG intends to ask for a review by the Nasdaq Listing and Hearing Review Council, which is the next level of appeal inside Nasdaq. The company also expects its shares to be quoted on the OTC Markets under the same ticker, NXXT, beginning on or about Nov. 11, 2026.

Both are plans or expectations the company has stated, not things that have happened. As of the Nov. 10 filing, the company had not reported filing the review request. The 8-K states that a request for review will not stay the suspension of trading, so the Nov. 11 suspension date stands unless Nasdaq announces something different.

What It Means for Drivers

None of the sources say anything about NextNRG's EV chargers changing. The filings do not mention charger sites closing, payment systems, warranties, service, or any change in where drivers can plug in. Moving the stock from Nasdaq to over-the-counter trading changes where people can buy and sell the shares. Under these filings, it does not change how the company's equipment works on the ground.

Drivers, fleet operators, and site hosts who use NextNRG chargers will not find any announced service changes in these documents. Anyone with a contract, warranty, or service agreement with the company should check those terms with NextNRG directly. Any changes to charger hardware or how it is installed should go through a licensed electrician and follow the manufacturer's instructions.

For the charging industry more broadly, this case shows how a hardware supplier's stock listing status can be tied up with its financing. That is worth tracking when choosing vendors. But the sources describe only a delisting and a debt exchange, not any harm to charging service.

Sources