NextNRG Gets Nasdaq Notice Over $35 Million Market Value Minimum

What happened

NextNRG, Inc., a Miami Beach-based company that operates in the retail fuel and electric vehicle charging business, said in a Form 8-K filed October 27, 2026 that it received a written notice from Nasdaq's Listing Qualifications Department on October 21, 2026.

The notice said that from September 9, 2026 through October 20, 2026 — 30 consecutive business days — the company's market value of listed securities (MVLS) was below the $35,000,000 minimum required to stay on the Nasdaq Capital Market under Listing Rule 5550(b)(2).

The notice also stated that NextNRG does not meet the two alternative tests: minimum stockholders' equity of $2,500,000 (Rule 5550(b)(1)) or net income from continuing operations of $500,000 in the most recent fiscal year or in two of the last three (Rule 5550(b)(3)).

Nasdaq said the notice has no immediate effect on the listing or trading of NextNRG's stock. The company has 180 calendar days, until April 19, 2027, to regain compliance. Its shares closed at $0.515 on the report date, up 0.78% from the prior close, according to the price data.

The earlier bid-price problem and pending appeal

The filing also recounts a separate and more advanced listing problem. On March 16, 2026, Nasdaq notified NextNRG that it was below the $1.00 minimum bid price required by Rule 5550(a)(2) and gave it until September 14, 2026 to fix that.

NextNRG did a one-for-ten reverse split of its common stock effective September 14, 2026, a move that raises the per-share price by combining shares. The filing does not say the split succeeded in restoring compliance.

On September 15, 2026, Nasdaq's Listing Qualifications Staff told the company it had failed to regain compliance by the deadline and had decided to delist the common stock. Nasdaq said NextNRG was not eligible for a second 180-day compliance period because it lacked the stockholders' equity required for initial listing.

NextNRG requested a hearing before the Nasdaq Hearings Panel to appeal the delisting determination. The hearing took place October 22, 2026, and the panel's final written decision had not been issued as of the filing. The filing states the panel may consider the MVLS shortfall in its decision, and that there can be no assurance the panel will grant continued listing.

What this means

A Form 8-K is the current report a U.S. public company must file with the SEC when a significant event occurs, generally within four business days. Item 3.01 is the specific slot for a notice that a company has fallen below an exchange's continued listing standards. NextNRG filed this one five business days after the October 21 notice date.

Market value of listed securities, or MVLS, is the total value the market places on a company's publicly traded shares — roughly share price times shares outstanding. Nasdaq's Capital Market tier requires at least $35 million of it, or alternatively $2.5 million of stockholders' equity (what is left of assets after liabilities), or $500,000 of recent net income. A company needs to clear only one of the three. NextNRG currently clears none, according to the notice.

The dollar figures here — $35 million of market value, $2.5 million of equity, $500,000 of income — matter differently for a company NextNRG's size. Its most recent annual revenue was about $81.8 million for the period ending December 31, 2025, so the market is valuing its listed securities at less than half of annual revenue. That is the context for the shortfall.

The bid-price rule is a second, separate gate. Nasdaq requires most stocks to trade at $1.00 or higher. The failure to fix that by September 14, 2026 is what triggered the delisting decision now under appeal, not the MVLS notice disclosed in this filing.

What happens next is defined by Nasdaq's rules rather than by management's plans. If NextNRG's MVLS closes at $35 million or more for 10 consecutive business days at any point before April 19, 2027, Nasdaq will confirm compliance and close the matter, though the filing notes Nasdaq can extend that test to as many as 20 days. Alternatively, the company can show $2.5 million of stockholders' equity. Separately, the appeal outcome rests with the hearings panel, which the filing says had not decided as of October 27.