09:52 AM EDT, 08/20/2024 (MT Newswires) -- EzFill Holdings ( EZFL ) said Tuesday it has converted roughly $13.5 million of its debt into equity under two debt-to-equity conversion agreements with NextNRG Holding and AJB Capital Investments.

Under the terms, EzFill ( EZFL ) said it converted promissory notes issued to NextNRG into about 3.5 million common shares at $2.78 per share, and promissory notes issued to AJB Capital into 363,000 shares of series A preferred stock.

Additionally, EzFill ( EZFL ) said it signed a stock purchase agreement with NextNRG to sell 140,000 shares of series B convertible preferred stock for $10 per share for $1.4 million, the mobile fuel company said.

The debt conversions are expected to eliminate about $1.2 million in annual interest expense, EzFill ( EZFL ) said.

EzFill ( EZFL ) shares were up more than 10% in recent trading.

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