NextTrip, Inc. (NASDAQ: NTRP) has entered into an 18-month senior secured convertible note agreement with Lind Global Fund III, LP, managed by The Lind Partners, providing up to $4.6 million in financing, according to a company press release.

The note carries a fixed conversion price of $3.88 per share. The structure allows NextTrip to repay both principal and interest entirely in cash, without requiring share issuances.

NextTrip said it plans to use the proceeds to accelerate its media, advertising, and creator commerce platforms; continue the rollout of NextTrip Pro, its travel advisor platform; support growth across JOURNY TV, YADA Commerce, and its cruise, luxury, and group travel businesses; increase working capital; and repay existing convertible obligations held by other investors through negotiated cash repayments.

"Unlike many traditional convertible financings, this structure provides the Company with significant flexibility," said Bill Kerby, Co-Founder and Chief Executive Officer. "This capital allows us to retire other outstanding convertible obligations over the coming months through cash repayments rather than equity issuances, strengthening our balance sheet while minimizing shareholder dilution."

The complete terms of the financing are being disclosed in a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission.

The Lind Partners manages institutional funds investing in small-cap and mid-cap publicly traded companies across the U.S., Canada, Australia, and the U.K., and has completed more than 200 direct investments totaling over $2 billion in transaction value since 2011.