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Nxt-ID, Inc. (NASDAQ: NXTD) has priced an underwritten public offering of 27,887,500 shares of common stock at $0.45 per share, including 3,637,500 shares from an over-allotment option. The gross proceeds are estimated at $12.5 million. The Company intends to use the funds for new product development, working capital, and liability reduction. The offering is led by A.G.P./Alliance Global Partners and is expected to close today, September 15, 2021, pending customary conditions.
Nxt-ID, Inc. (NASDAQ: NXTD) reported financial results for Q2 2021, with revenue of $2.8 million, marking a 14% quarter-over-quarter increase and 12% year-over-year growth. Gross profit increased to $1.8 million, while operating expenses decreased to $2.0 million. The operating loss narrowed to $212,000 from $783,000 in the prior quarter. However, revenue for the six-month period fell to $5.2 million, down 16% from last year, resulting in a net loss of $6.9 million. The company also secured $4.0 million through a private preferred stock investment.
Nxt-ID, Inc. (NASDAQ: NXTD) announced the appointment of Chia-Lin Simmons as CEO effective June 14, 2021. With over 26 years of executive experience in technology, Simmons aims to lead the company through a pivotal growth phase. Her previous roles include CEO of LookyLoo, Inc., and Head of Global Partner Marketing at Google Play. As part of her employment package, she received 5% of the company’s common stock in restricted shares, vesting over four years. Nxt-ID specializes in healthcare technology products, including biometric identity verification and emergency response systems.
Nxt-ID (NASDAQ: NXTD) reported its Q1 2021 financial results, showing a revenue decline to approximately $2.4 million from $3.7 million year-over-year. Gross profit decreased to $1.6 million, with operating loss reaching $783,000 compared to a $1.0 million operating income in Q1 2020. Non-GAAP net loss was about $312,000, down from a net income of $860,000 in the previous year. The company repaid approximately $5.5 million in term debt, enhancing its cash balance to $8.5 million. CEO Vin Miceli noted a rebound in market demand as customers resumed pre-pandemic purchasing levels.
Nxt-ID, Inc. (NASDAQ: NXTD) has announced a voluntary prepayment of $3.0 million towards its Senior Secured Term Loan Facility. This move, made on May 3, 2021, is expected to save the company around $400,000 in annual interest expenses. To date, Nxt-ID has repaid approximately $14.3 million, which is 86% of its term loan since inception, leaving a remaining balance of about $2.2 million. CEO Vincent S. Miceli emphasized that this prepayment aligns with the company's strategy to enhance shareholder value and reduce debt obligations.
NXT-ID, Inc. (NASDAQ: NXTD) announced a prepayment of approximately $5.0 million towards its senior secured debt, reducing its outstanding principal to $5.7 million. This prepayment is expected to save the company about $700,000 in annual interest costs. CEO Vincent S. Miceli highlighted that the debt reduction aligns with the company's strategy to enhance shareholder value and invest in business growth, especially in market readiness for new products and distribution channels. To date, the company has repaid around $10.7 million, or 65%, of its Term Loan.
Nxt-ID, Inc. (NASDAQ: NXTD) reported positive trends in revenue for December 2020 and January 2021, indicating improvements compared to previous months. CEO Vincent S. Miceli emphasized the Company’s commitment to providing regular updates to shareholders. Key developments include the introduction of the new 4G Guardian Alert Plus, resumption of orders from VA Hospitals, and a successful December funding round aiding in hiring and marketing efforts. The Company has also submitted a GSA application expected to yield a contract by Q1 2021.
Nxt-ID, Inc. (NASDAQ: NXTD) announced that it regained compliance with Nasdaq's minimum bid price requirement as of January 4, 2021, following eleven consecutive trading days with a closing bid price exceeding $1. Consequently, the company has cancelled its Special Meeting of Stockholders originally scheduled for January 15, 2021, and does not require authorization for a reverse stock split at this time. A monitoring period will be in place until July 5, 2021, as dictated by the Nasdaq Hearings Panel.
Nxt-ID, Inc. (NASDAQ: NXTD) announced the adjournment of its Annual Meeting of Stockholders from November 23, 2020, to November 24, 2020. This adjournment focuses on allowing additional time for stockholders to vote on Proposals Number 3 and 4. Proposal Number 3 seeks approval for a reverse stock split of common stock ranging from one-for-three to one-for-ten. Proposal Number 4 authorizes a similar reverse split for Series C Preferred Stock. The Company urges stockholders to review proxy materials carefully and vote to prevent potential delisting risks.
On November 19, 2020, Nxt-ID, Inc. (NASDAQ: NXTD) announced the adjournment of its Annual Stockholders Meeting to November 23, 2020, to allow more time for retail stockholders to vote on Proposals 3 and 4. Proposal 3 seeks to authorize a reverse stock split of the company’s common stock at a range from one-for-three to one-for-ten. Proposal 4 pertains to a similar reverse stock split for the Series C Non-Convertible Voting Preferred Stock. The company emphasizes the importance of each stockholder's vote to avoid potential delisting.
