Form 4: NextTrip Director Kerby Converts Preferred Stock to Common

NextTrip, Inc. Director William Kerby converted 331,124 shares of Series L Nonvoting Convertible Preferred Stock into common stock on November 21, 2025, following stockholder approval.

Summary

• William Kerby, a Director of NextTrip, Inc. (NTRP), converted 331,124 shares of Series L Nonvoting Convertible Preferred Stock into common stock.
• The conversion occurred on November 21, 2025, after stockholder approval was obtained on November 19, 2025.
• Each preferred share converted into one common stock share at a price of $0.0, indicating a conversion event rather than a cash purchase.
• Following the transaction, Mr. Kerby directly beneficially owns 1,586,117 shares of Common Stock, which includes shares acquired through quarterly dividend distributions.
• Additionally, Mr. Kerby indirectly beneficially owns 11,386 shares of Common Stock through Travel & Media LLC (TMT), where he is a 48% member. He disclaims beneficial ownership of shares held by TMT in excess of his pecuniary interest.

Sentiment

Score: 6

Explanation: The conversion of preferred stock to common stock by a director is generally a neutral to slightly positive event, as it aligns insider interests with common shareholders and indicates a planned capital structure adjustment. It's not a direct purchase, but an increase in common stock holdings.

Positives

• Director William Kerby increased his direct beneficial ownership of NextTrip, Inc. common stock by 331,124 shares through conversion.
• The conversion of preferred stock into common stock simplifies the capital structure and aligns the director's interests more closely with common shareholders.
• Stockholder approval for the conversion was successfully obtained on November 19, 2025, indicating adherence to corporate governance.

Negatives

• The conversion price of $0.0 for the preferred stock suggests these shares were likely issued as part of compensation or a prior financing arrangement, not a new cash investment at market price.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This insider transaction report (Form 4) primarily details a change in beneficial ownership for a director and does not provide information directly related to broader industry trends or competitive landscape.

Corporate Governance

Related Party Transactions

• William Kerby indirectly beneficially owns 11,386 shares of Common Stock through Travel & Media LLC (TMT), where he is a 48% member. He disclaims beneficial ownership of shares held by TMT in excess of his pecuniary interest.

Stakeholder Impact

• Shareholders: The conversion increases the number of common shares beneficially owned by a director, potentially signaling confidence. It also increases the common stock float.
• Management: The transaction reflects a planned capital structure event and a director's ongoing stake in the company.

Key Dates

Keywords

NextTrip, NTRP, William Kerby, Insider Transaction, Form 4, Common Stock, Preferred Stock Conversion, Director, Beneficial Ownership