NextTrip Secures $3 Million in Private Placement Financing

NextTrip entered into a definitive agreement for the issuance and sale of securities in a private placement for aggregate gross proceeds of approximately $3 million. Ladenburg Thalmann & Co. is acting as the exclusive placement agent for the offering. The offering consisted of an aggregate of 1,000,000 shares of the Company's common stock and warrants to purchase an additional 1,000,000 shares of common stock. The warrants will have an exercise price of $3.43 per share, will be exercisable six months from the date of issuance, and will have a term of four years from the initial exercise date. The securities issued in the offering are fixed priced and do not contain any variable repricing or exchange features. The offering is expected to close on or about December 23, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering, before deducting the placement agent's fees and other offering expenses payable by the Company, are expected to be approximately $3M.