NextBoat raises $510K in convertible debt from Greentree
What's the deal? NextBoatDealroom has a profile for this one. Try Dealroom →, a US-listed boat builder (NYSE American: NXB), has raised $510,000 in convertible debt financing led by Greentree Financial GroupDealroom has a profile for this one. Try Dealroom →. The company entered a loan agreement on August 14, 2026, issuing a 10% convertible promissory note.
The terms: The note carries a 10% original issuance discount and matures on August 14, 2028, with interest of 10% per annum, rising to 18% on default. NextBoat will net roughly $459,000 after a $10,000 legal fee allowance.
What's the money for? The financing gives NextBoat immediate working capital, addressing what it described as a need for funds to cover operating expenses.
The fine print: The conversion price is set at $1.785 per share, but resets every six months to a lower market price and carries anti-dilution protection. Greentree also receives a warrant for up to 100,000 shares and 20,000 restricted commitment shares.
What could go wrong? If the stock trades below the conversion and warrant prices, Greentree could convert into a far larger number of shares, deepening dilution for existing shareholders. NextBoat has agreed not to issue variable-rate securities for 12 months to limit further exposure.
The signal: At $510,000, the round sits near the middle of the funding pack — roughly the 50th percentile by size. For a small-cap issuer, convertible debt with resets and warrants offers quick working capital, but at the cost of potential dilution down the line.
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