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NXT-ID, Inc. (NASDAQ: NXTD) appointed Sherice Torres to its board of directors on February 23, 2022. Torres, who has extensive experience in marketing and brand management with major companies like Google and Meta, aims to enhance NXT-ID's innovative approach in personal emergency response systems (PERS) technology. As the aging population grows, NXT-ID focuses on developing IoT solutions to help seniors live independently. Torres's expertise is expected to drive the company’s strategic growth and innovation in the PERS sector.
NXT-ID, Inc. (NASDAQ: NXTD) has appointed Mark Archer as Chief Financial Officer and Rafael Saavedra as VP of Engineering to enhance its leadership team. With over 30 years of experience, Archer previously served as the company's interim CFO and has a history of financial success in consumer and technology sectors. Saavedra brings extensive expertise in IoT and engineering leadership. The new executives will support product development and customer growth, expanding NXT-ID's reach into software and personal safety services while building upon its existing personal emergency response systems. Over 500,000 devices sold signal strong market demand.
NXT-ID (NASDAQ: NXTD) has secured a contract with the U.S. General Services Administration (GSA) to distribute personal emergency response systems (PERS) to government entities, effective Q3 2021. This partnership aims to increase access to affordable life-saving technology for seniors and individuals needing care, particularly through veteran services. NXT-ID's products, including devices for home and on-the-go use, are designed to enhance safety and support independent living. The contract allows wider distribution through federal and state agencies, including Florida, potentially benefiting many more users.
Nxt-ID, Inc. (NASDAQ: NXTD) reported 2021 Q3 results showing revenue of $2.4 million, down 10% year-over-year. Gross profit dropped 32% to $1.3 million, leading to a gross margin decline from 71% to 53%. Operating loss slightly improved to $0.5 million, while net loss was $0.7 million ($0.12 per share), an improvement from $1.1 million in Q3 2020. For the nine months ended September 30, 2021, revenue was $7.6 million, a 14% decrease, with a net loss of $7.7 million. The company also approved a reverse stock split to maintain its Nasdaq listing.
Nxt-ID, Inc. (NASDAQ: NXTD) will announce its third quarter 2021 financial and operational results before the market opens on November 12, 2021. A conference call will follow at 11:00 AM PT / 2:00 PM ET, hosted by CEO Chia-Lin Simmons and CFO Mark Archer. Investors can access the press release and SEC filings on the company's investor relations website. Key details for participating include US/Canada toll-free dial-in at (877) 644-5287 and international at (281) 973-6282. A replay will be available post-call.
Nxt-ID, Inc. (NASDAQ: NXTD) announced that shareholders approved a 1-for-10 reverse stock split for both common and Series C preferred stock on October 15, 2021. This decision is intended to maintain the company's listing on the Nasdaq Capital Market. The reverse split will take effect after market close on the same day, with trading on a split-adjusted basis starting October 18, 2021. CEO Chia-Lin Simmons expressed gratitude to shareholders and emphasized the company's commitment to innovation and shareholder value.
Nxt-ID, Inc. (NASDAQ: NXTD) emphasizes the urgency for shareholders to vote in favor of reverse stock split proposals to maintain its Nasdaq listing. CEO Chia-Lin Simmons addresses shareholder concerns in a letter and accompanying video, urging their participation in the voting process by October 14, 2021. Shareholders can find more information on a dedicated microsite and are encouraged to review the Definitive Proxy Statement filed with the SEC. The letter highlights the importance of understanding the reverse stock split process.
Nxt-ID, Inc. (NASDAQ: NXTD) announced a letter to shareholders from CEO Chia-Lin Simmons, reflecting on her first 100 days in the role. The letter emphasizes the need for shareholder support for two proposed reverse stock splits to maintain Nasdaq listing, as the company has faced significant operational and financial challenges. The special meeting for shareholder voting is scheduled for October 15, 2021. Shareholders are encouraged to vote and review the Definitive Proxy Statement submitted to the SEC on September 17, 2021.
Nxt-ID, Inc. (NASDAQ: NXTD) sent a letter to shareholders urging them to vote "FOR" two proposed reverse stock splits, essential for regaining compliance with Nasdaq listing requirements. Without approval by October 14, 2021, the company risks delisting by October 18, adversely impacting trading and share value. The letter explains the necessity of the reverse splits to ensure continued access to capital for growth strategies. Shareholders can learn more about the proposals on the microsite.
Nxt-ID, Inc. (NASDAQ: NXTD) has filed a definitive proxy statement for a special shareholders meeting on October 15, 2021 to vote on a proposed reverse stock split. This action aims to comply with NASDAQ's minimum bid price requirement of $1.00 and prevent potential delisting. The management believes that this step, along with a recent capital raise, will enhance liquidity and support future growth initiatives. Shareholders of record as of September 16, 2021 are eligible to vote, with management urging them to approve the proposal.
