NXT-ID (NXTD) to Vote on Reverse Stock Split on October 15th
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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.
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