The company will carry out stock splits on Friday, October 15, 2021
Posted: October 15, 2021 at 12:30 p.m. EDT
OXFORD, Connecticut., October 15, 2021 / PRNewswire / – Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company” or “NXT-ID”), supplier of personal emergency response systems (PERS), health communication devices and IoT technology, today announced that the Company’s shareholders have approved the two stock split proposals relating to NXT-ID common stock and Series C preferred stock at the special meeting of shareholders. of the Company on October 15, 2021.
The board of directors of NXT-ID has approved a 1 for 10 reverse split for the Company’s common shares and a corresponding 1 for 10 reverse split for its Series C preferred shares. markets close today, which will help ensure that the Company’s common shares continue to be listed on the Nasdaq Capital Market. The Company expects that the common shares will begin trading on a split-adjusted basis at the opening 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 clients,” said Chia lin simmons, CEO of NXT-ID. “By continuing to remain listed on the Nasdaq, we will have the opportunity to put our company on a solid track and be able to return to innovation and product building. We will continue to keep shareholders informed as we continue to build our products. let’s move on. “
Information for shareholders
VStock Transfer, LLC acts as the exchange agent for the common stock split and will send instructions to all registered shareholders who hold share certificates regarding the exchange of certificates for common shares. The Company acts as the trading agent for the Series C preferred stock split. Shareholders who hold their shares in brokerage or “street name” accounts are not required to take any action to effect the stock exchange. ‘exchange of their shares following the consolidation of shares. VStock Transfer, LLC can be contacted with any questions at (212) 828-8436. The share consolidations will also have a proportional effect on all other convertible preferred shares, options and warrants outstanding on the effective date of such share consolidations. Any fraction of a share resulting from any of the consolidations of shares will be adjusted upwards.
About Nxt-ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides Personal Emergency Response (PERS) systems, health communication devices, and IoT technology that create a connected care platform. The company’s devices give people the ability to receive home care and the confidence to age in place. LogicMark LLC, a wholly owned subsidiary of NXT-ID, has revolutionized the PERS industry by incorporating two-way voice communication technology directly into the medical alert pendant and providing vital technology at an affordable price for everyday consumers . PERS technologies are sold through resellers / distributors and the United States Veterans Health Administration.
The Company has obtained a contract from the US General Services Administration which allows it to distribute its products to federal, state and local governments. For information on the NXT-ID company, contact: [email protected]
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 regarding the successful execution of the Company’s business strategy. The actual results of the Company could differ materially from those anticipated in these forward-looking statements due to various factors. These risks and uncertainties include, among others, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to potentially license other patents and patent applications necessary for development. of products ; the availability of funding; the Company’s ability to implement its long-term business plan for various applications of its technology; the Company’s ability to enter into agreements with all necessary marketing and / or distribution partners; the impact of competition, obtaining and maintaining all necessary regulatory approvals applicable to the applications of the Company’s technology; the Company’s ability to maintain its Nasdaq listing for its common shares; and the management of growth and other risks and uncertainties which may be detailed from time to time in the Company’s reports filed with the SEC.
Investor / media contacts:
Laurel Hill Advisory Group
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SOURCE Nxt-ID, Inc.
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