OXFORD, Conn., Sept. 20, 2021 /PRNewswire/ -- Nxt-ID, Inc.
(NASDAQ: NXTD) (the "Company" or "Nxt-ID"), a provider of
technology products and services for healthcare applications, filed
a definitive proxy statement with the Securities and Exchange
Commission (the "SEC") to hold a special shareholders meeting on
Friday, October 15, 2021 to vote
on a reverse split of Nxt-ID's Common stock and a reverse
split of its Series C Preferred Stock. The meeting will take
place at the offices of Sullivan & Worcester LLP, 1633
Broadway, 32nd Floor, New
York, New York at 10:30 AM Eastern
Time.
The Company is proposing the reverse stock split primarily to
regain compliance with The NASDAQ Capital Market $1.00 minimum bid price requirement and to adhere
to the conditions laid out by a NASDAQ Hearing Panel for continued
listing on the NASDAQ national exchange. The reverse stock splits
are intended to reduce the number of shares of each of its Common
Stock and its Series C Preferred Stock while proportionately
increasing each's price per share primarily in order to enable the
Company to regain compliance with Nasdaq's minimum bid price
requirement as well as satisfy undertakings to certain
warrant-holders. If the proposal is not approved, the
Company's Common Stock will be subject to delisting, adversely
impacting the Company's market valuation and shareholders
liquidity.
The Company's management believes that its recent capital raise
and its newly revised business plan are important elements to
support a new growth strategy for the Company which will generate
long-term shareholder value. Continued listing on a national
exchange such as NASDAQ will also facilitate future capital raises
and maintain liquidity for all shareholders.
Nxt-ID's Board of Directors is unanimously in favor of the
reverse stock splits and urges all shareholders to vote FOR the
proposals. The reverse stock split proposals must be approved
by a majority of the Company's Common shares outstanding. All
shareholders of record as of September 16,
2021 are entitled to vote.
How to Vote Your Shares
- Registered shareholders can vote via mail or online by
following the instructions provided on the proxy card.
- Shares held via a bank or broker will be provided with a
voting instruction form ("VIF"). The VIF will contain
instructions to vote via mail, online or telephone.
- In Person: Shareholders may vote by attending the
special shareholders meeting in-person on Friday, October 15, 2021, at 1633 Broadway,
32nd Floor, New York, New
York at 10:30 AM Eastern
Time. Note: In compliance with New York City
Coronavirus Guidelines, proof of vaccine and masks will be required
to enter the meeting.
Votes submitted by phone or online must be received by
11:59 pm Eastern time on October 14, 2021. Please note that voting
by phone or online requires your proxy control number.
Shareholders who need assistance with voting their shares
or other questions should contact Laurel Hill Advisory Group at
888-742-1305 or Nxt-ID@laurelhill.com
Background & Helpful Information
Nxt-ID's shareholders are urged to read about the reverse stock
split in the Company's Proxy Statement which was filed with the
Securities and Exchange Commission (SEC) on September 17, 2021. You can find a link
below and other helpful information:
- Official notification to shareholders of matters to be brought
to a vote ("Proxy")
- Nxt-ID, Inc. Announces Pricing of $12.5
Million Underwritten Public Offering
- Second quarter 2021 IR update webcast link
Additional Company information can be found on Nxt-ID IR
website. Shareholders and other interested parties are
encouraged to sign up on the website to receive news alerts from
the Company.
About Nxt-ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides technology products and
services for healthcare applications. The Company has extensive
experience in access control, biometric and behavior-metric
identity verification, security and privacy, encryption and data
protection, payments, miniaturization, sensor technologies and
healthcare applications. Through its subsidiary, LogicMark LLC,
Nxt-ID is a manufacturer and distributor of non-monitored and
monitored personal emergency response systems sold through
dealers/distributors and the United States Department of Veterans
Affairs. Learn more about Nxt-ID at www.nxt-id.com. For Nxt-ID
corporate information contact: info@nxt-id.com.
Forward-Looking Statements for Nxt-ID:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect management's current
expectations, as of the date of this press release, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the
Company's business strategy. The Company's actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish
and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from
others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to
implement its long range business plan for various applications of
its technology; the Company's ability to enter into agreements with
any necessary marketing and/or distribution partners; the impact of
competition, the obtaining and maintenance of any necessary
regulatory clearances applicable to applications of the Company's
technology; the Company's ability to maintain its Nasdaq listing
for its common stock; and management of growth and other risks and
uncertainties that may be detailed from time to time in the
Company's reports filed with the SEC.
Investor Relations Contact:
A. Pierre Dubois
Lightspeed IR/M for Nxt-ID
investors@nxt-id.com
Proxy Contact:
Laurel Hill Advisory Group
888-742-1305
Email: nxt-id@laurelhill.com
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SOURCE Nxt-ID