EZFill Holdings Inc. announced a private placement with the principal amount of $110,000 on May 28, 2024. The transaction will include participation from returning lender, Next Charging, LLC. The company has issued promissory note in the transaction. The note carries fixed rate of interest of 8% per annum for the first nine months, afterward, it will begin to accrue interest on the entire balance at 18% per annum. The note will mature on July 28, 2024. The company incurred an original issue discount in the amount of $10,000, which is 10% of the aggregate original principal amount of the note. The maturity date will automatically be extended for 2 month periods, unless lender sends 10 days written notice, prior to the end of any 2 month period, that it does not wish to extend the note, at which point the end of the then current 2 month period shall be the maturity date.

If the company defaults on the May 28 Note, the unpaid principal and interest sums, along with all other amounts payable, multiplied by 150% will be immediately due, and next will have the right to convert all or any part of the outstanding and unpaid principal, interest, penalties, and all other amounts under the May 28 note into fully paid and non-assessable shares of the Company?s common stock. The conversion price shall equal the greater of the average VWAP over the ten trading day period prior to the conversion date; or $0.70. Notwithstanding the foregoing, the conversion price shall not exceed the closing price of the company?s common stock on the Nasdaq Capital Market on the date of the May 28 Note.