STOCK TITAN

NextBoat (NXB) secures $2.0M inventory loan with insider guarantee

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

NextBoat Inc. entered into a Master Loan Agreement providing inventory financing and received an initial $2.0 million loan to fund pre-owned boat purchases. The loans carry 15.0% simple annual interest and typically mature within 180 days, or on sale of the financed boat.

The Borrowers can extend a loan once for 90 days with a 2% extension premium, plus a 1% origination fee and a 5% profit participation on gross profit from each boat sale. The obligations are full-recourse and unsecured, with NextBoat and its subsidiary jointly and severally liable.

President and controlling shareholder Jason Ruegg, together with Ruegg Capital Group, provided a personal guaranty and pledged Company shares with at least $5.0 million collateral value, making this a related-party transaction, which he entered into without receiving consideration.

Positive

  • None.

Negative

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Insights

NextBoat adds high-cost, short-term inventory financing backed by insider guarantees.

NextBoat Inc. secured a Master Loan Agreement with RLLT Capital to fund pre-owned boat inventory, starting with a $2.0 million draw. The structure uses full-recourse, unsecured loans at a relatively high 15.0% annual interest plus fees and profit participation.

Each loan runs up to 180 days, with a possible 90-day extension at a 2% premium, a 1% origination fee and a 5% share of gross profit on boat sales. This concentrates cost and execution risk into relatively short cycles tied to inventory turnover.

The arrangement is disclosed as a related-party transaction because President Jason Ruegg personally guarantees obligations and, via Ruegg Capital Group, pledges Company shares valued at not less than $5.0 million. That support may improve financing access, but it also deepens dependence on a key insider’s financial backing.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Initial loan principal $2.0 million Initial loan funded under Master Loan Agreement
Interest rate 15.0% per annum Simple interest on loans under the facility
Loan maturity 180 days Maximum term after funding, or sale date of boat
Extension period 90 days Single optional loan extension period
Extension premium 2% of principal Added to balance as additional interest for extension
Origination fee 1% per loan Fee on each loan under the agreement
Profit participation 5% of gross profit Share of gross profit on sale of each financed boat
Pledged collateral value $5.0 million Minimum aggregate collateral value of pledged NextBoat shares
Master Loan Agreement financial
"entered into a Master Loan Agreement (the “Loan Agreement”) with RLLT Capital, LLC"
profit participation financial
"a profit participation equal to 5% of the gross profit, if any"
full-recourse financial
"Each loan is a full-recourse, unsecured obligation of the Borrowers"
Personal Guaranty and Stock Pledge Agreement financial
"entered into a Personal Guaranty and Stock Pledge Agreement (the “Guaranty and Pledge Agreement”)"
off-balance sheet arrangement financial
"Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant"
An off-balance sheet arrangement is a financial commitment or asset that a company keeps out of its main financial statements so it does not show up as a direct asset or liability. Think of it like renting equipment or using a separate storage locker instead of putting the item in your home: the economic effects exist, but they aren’t listed on the company’s primary balance sheet. Investors care because these arrangements can hide risks, obligations or sources of cash flow that affect a company’s true financial strength and future performance.
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Learn about SEC filing dates
false 0002067767 0002067767 2026-06-22 2026-06-22 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): June 22, 2026

 

NextBoat Inc.

(Exact name of registrant as specified in its charter)

 

Nevada   001-42930   33-2636992

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

1701 Jel Wade Dr

Wilmington, NC 28401

(Address of principal executive offices)

 

Registrant’s telephone number, including area code: (910) 772-9277

 

N/A

(Former name or former address, if changed since last report)

 

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 (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, $0.001 par value   NXB   NYSE American LLC

 

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.

 

 

 

 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On June 22, 2026, NextBoat Inc. (the “Company”) and its subsidiary, Off The Hook Yacht Sales NC, LLC (“Off The Hook” and, together with the Company, the “Borrowers”), entered into a Master Loan Agreement (the “Loan Agreement”) with RLLT Capital, LLC (the “Lender”), providing for loans from time to time, at the Lender’s discretion, to finance a portion of the Borrowers’ acquisition of pre-owned boat inventory. In connection with the Loan Agreement, the Lender funded an initial loan in the principal amount of $2.0 million.

 

Loans under the Loan Agreement bear simple interest at 15.0% per annum and mature on the earlier of 180 days after funding and the closing date of the sale of the applicable boat. The Borrowers may extend a loan for one additional 90-day period, with an extension premium equal to 2% of the applicable principal amount added to the outstanding balance as additional interest.

 

The Borrowers are required to pay a 1% origination fee with respect to each loan and a profit participation equal to 5% of the gross profit, if any, realized on the sale of the applicable boat. Each loan is a full-recourse, unsecured obligation of the Borrowers, and the Borrowers are jointly and severally liable for all obligations under the Loan Agreement and the applicable written deal schedule.

 

The Loan Agreement states that the loans are intended to be ordinary commercial loans and not investment securities, and that the Lender has no ownership interest in the financed boats or right to participate in decisions relating to the Borrowers’ business or the acquisition, marketing, pricing, sale or disposition of the financed boats.

 

The Company is disclosing the transaction as a related-party transaction because Jason Ruegg, the Company’s President and controlling shareholder entered into a Personal Guaranty and Stock Pledge Agreement (the “Guaranty and Pledge Agreement”) in favor of the Lender, pursuant to which he absolutely, unconditionally and irrevocably guarantees the payment and performance of the Borrowers’ obligations under the Loan Agreement and each written deal schedule. Ruegg Capital Group, Inc., a North Carolina business corporation and affiliate of the Borrowers under common control, also entered into the Guaranty and Pledge Agreement and pledged shares of the Company’s common stock owned by Mr. Ruegg having an aggregate collateral value of not less than $5.0 million as security for the obligations. Mr. Ruegg did not receive any consideration for issuing the Personal Guarantee and did so because he and the Company’s board of directors determined, after reviewing other potential loan financing, that the Loan Agreement was in the best interests of the Company.

 

The foregoing description of the Loan Agreement is a summary only and is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

 

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. As described above, on June 22, 2026, the Borrowers incurred a direct financial obligation under the Loan Agreement in the initial principal amount of $2.0 million, plus accrued interest, fees, any extension premium and any profit participation.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits.

 

Exhibit Number   Exhibits
10.1*   Form of Master Loan Agreement, dated as of June 22, 2026, by and among NextBoat Inc. and Off The Hook Yacht Sales NC, LLC, as borrowers, and RLLT Capital, LLC, as lender, including the deal schedule thereto and Off The Hook Yacht Sales NC, LLC, as borrowers, and RLLT Capital, LLC, as lender.
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

* Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential.

 

 

 

 

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.

 

Date: June 26, 2026 NextBoat Inc.
     
  By: /s/ Brian John
  Name: Brian John
  Title: Chief Executive Officer

 

 

FAQ

What financing agreement did NextBoat Inc. (NXB) enter into on June 22, 2026?

NextBoat Inc. entered a Master Loan Agreement with RLLT Capital. The facility provides loans to finance pre-owned boat inventory, starting with a $2.0 million initial loan. Terms include 15.0% annual interest, short maturities tied to boat sales, and various fees and profit participation.

What are the key economic terms of NextBoat’s new loan facility?

The loans bear simple interest at 15.0% per year. They mature on the earlier of 180 days or the sale of each financed boat. NextBoat pays a 1% origination fee, a 2% extension premium if used, and a 5% profit participation on gross profit.

How is the NextBoat (NXB) Master Loan Agreement structured in terms of security and recourse?

The loans are unsecured but full-recourse obligations of the Borrowers. NextBoat and its subsidiary are jointly and severally liable for all amounts. The Lender has no ownership interest in the financed boats and no rights over business decisions regarding acquisition, pricing, or sale.

What obligations did NextBoat (NXB) incur under the new Master Loan Agreement?

NextBoat incurred a direct financial obligation of $2.0 million plus extras. The liability includes accrued interest at 15.0%, origination fees, any extension premiums, and any profit participation owed under the Loan Agreement and related deal schedules.

Filing Exhibits & Attachments

5 documents