OXFORD, Conn., Oct. 15, 2021 /PRNewswire/ -- Nxt-ID, Inc.
(NASDAQ: NXTD) (the "Company" or "NXT-ID"), provider of personal
emergency response systems (PERS), health communications devices
and IoT technology, today announced that the Company's shareholders
have approved the two reverse stock split proposals relating to
NXT-ID's common stock and Series C preferred stock at the Company's
special shareholders meeting on October 15,
2021.
The NXT-ID board of directors has approved a 1-for-10 reverse
split for the Company's common stock and a corresponding 1-for-10
reverse split for its Series C preferred stock. The reverse stock
splits will take effect after the close of trading today, which
will help ensure that the Company's common stock will continue to
be listed on the Nasdaq Capital Market. The Company anticipates
that the common stock will begin trading on a split-adjusted basis
at the open of trading on Monday, October
18, 2021 under the new CUSIP number 67091J404.
"I would like to thank our shareholders for their support and
approval of this important vote to ensure that our Company will be
much better positioned to create future value for investors and
customers," said Chia-Lin Simmons,
Chief Executive Officer of NXT-ID. "By continuing to remain listed
on Nasdaq, we will have the opportunity to place our Company on a
solid path and will be able to get back to innovating and building
products. We will continue to keep shareholders informed as we move
forward."
Information for Shareholders
VStock Transfer, LLC is acting as exchange agent for the common
stock reverse stock split and will send instructions to any
shareholders of record who hold stock certificates regarding the
exchange of certificates for common stock. The Company is acting as
exchange agent for the Series C preferred stock split. Shareholders
who hold their shares in brokerage accounts or "street name" are
not required to take any action to effect the exchange of their
shares following the reverse stock splits. VStock Transfer, LLC may
be reached for questions at (212) 828-8436. The reverse stock
splits will also have a proportionate effect on all other
convertible preferred stock, options and warrants outstanding as of
such effective date of such reverse stock splits. Any fractional
shares as a result of either of the reverse stock splits will be
adjusted upwards.
About Nxt-ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides personal emergency response
systems (PERS), health communications devices and IoT technology
that creates a connected care platform. The Company's devices
give people the ability to receive care at home and confidence to
age in place. LogicMark LLC, a wholly-owned subsidiary of NXT-ID,
revolutionized the PERS industry by incorporating two-way voice
communication technology directly in the medical alert pendant and
providing the life-saving technology at a price point everyday
consumers could afford. The PERS technologies are sold through
dealers/distributors and the United States Veterans Health
Administration.
The Company was awarded a contract by the U.S. General Services
Administration that enables the Company to distribute its products
to federal, state and local governments. For NXT-ID corporate
information, contact: info@NXT-ID.com.
Forward-Looking Statements
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 / Media Contacts:
Jeremy Jacobs / Alan Oshiki
Abernathy MacGregor
jrj@abmac.com / aho@abmac.com
Proxy Contact:
Donna Ackerly
Laurel Hill Advisory Group
888-742-1305
NXT-id@laurelhill.com
View original
content:https://www.prnewswire.com/news-releases/nxt-id-inc-shareholders-approve-both-reverse-stock-split-proposals-301401373.html
SOURCE Nxt-ID, Inc.