NextNRG (NXXT) said Monday it signed a non-binding letter of intent to acquire Canadian mobile fueling company ReFuel Mobile.

Under the terms of the letter of intent, NextNRG plans to acquire all of ReFuel's stock, payable in cash or NextNRG restricted common stock, at its discretion, the company said in a statement.

Financial terms were not disclosed.

The transaction includes the retention of all of ReFuel's current employees and management during a transition period. Closing of the transaction is expected by August 1, the company said.

NextNRG said the acquisition is expected to immediately contribute to its recurring revenue base.

Shares of the company were over 4% higher in recent premarket activity.