MELBOURNE, Florida,
September 9, 2016 /PRNewswire/ --
NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID"
or the "Company"), a company focused on the growing mobile commerce
announced the effective date of a 1-for-10 reverse stock split.
Stockholders granted the Board of Directors discretionary authority
to approve a reverse split at the Annual Meeting of Stockholders of
NXT-ID, Inc. (the "Company") held on September 1, 2016. Any fractional shares as a
result of the reverse split will be adjusted upwards.
NXT-ID, Inc. anticipates the reverse split to be effective after
the close of trading on NASDAQ on Friday,
September 9, 2016. The common stock will continue trading on
NASDAQ under the trading symbol NXTD with a new CUSIP number -
67091J206.
The shares will trade on a split-adjusted basis commencing at
the open of trading on Monday, September 12,
2016. The reverse split will also have a proportionate
effect on all convertible stock and warrants outstanding as of
September 9, 2016.
Gino Pereira, Chief Executive
Officer stated: "The reverse stock split will allow us to satisfy
the NASDAQ minimum share price requirement and cure the previously
announced delisting issue relating to that requirement. We
also believe that the resulting increased price will make the
Company more attractive to investors. We continue to execute on our
strategic plan and have confidence in our business and in the long
term prospects of our company."
Information to Stockholders
vStock Transfer is acting as exchange agent for the Reverse
Stock Split and will send instructions to stockholders of record
who hold stock certificates regarding the exchange of certificates
for Common Stock. Stockholders who hold their shares of Common
Stock in brokerage accounts or "street name" are not required to
take any action to effect the exchange of their shares following
the Reverse Stock Split. More information on the Reverse Stock
Split can be found in NXT-ID's Form 8-K, which was filed with the
Securities and Exchange Commission on September 9, 2016
About NXT- ID Inc. - Mobile Security for a Mobile
World
NXT-ID, Inc.'s innovative MobileBio® solution mitigates consumer
risks associated with mobile computing, m-commerce and smart
OS-enabled devices. The company is focused on the growing
m-commerce market, launching its innovative MobileBio suite of
biometric solutions that secure consumers' mobile platforms. With
extensive experience in Biometric Identity Verification, Security
and Privacy, Encryption and Data Protection, Payments,
Miniaturization and Sensor technologies, the Company partners with
industry leading companies to provide solutions for modern payment
and IoT applications.
http://nxt-id.com/, http://wocketwallet.com/ .
Forward-Looking Statements for NXT-ID: 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;
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 Securities and Exchange Commission.
NXT- ID Inc Contact :
Corporate info: info@nxt-id.com
Media:
D. Van Zant
+1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID, Inc