NextBoat subsidiary takes up to $2.2 million in 15% bridge loan backed by stock pledge
On October 13, 2026, NextBoat subsidiary Off The Hook Yacht Sales NC, LLC issued a subordinated promissory note to BPC Management, LLC for advances of up to $2.2 million to fund short-term working capital. The note carries 15.0% simple interest, a 2% origination fee and 90-day maturities, and NextBoat guaranteed Off The Hook's obligations, while the company's controlling stockholder and an affiliate pledged company shares as security, which could lead to a change in control if the lender forecloses.
Key points
- Initial advance of $1.0 million funded October 13, 2026; a second advance of up to $1.2 million may be made on or before December 31, 2026
- Advances bear 15.0% simple interest, carry a 2% origination fee and mature 90 days after funding
- Ruegg Capital Group, Inc., an affiliate of Chairman and President Jason Ruegg, pledged shares with collateral value of not less than $5.0 million
- Filing states that foreclosure on the pledged shares after an event of default could result in a change in control of the company
The filing
Written by AI on Nov 9, 2026, 11:46 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 19, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.