Current Report Filing (8-k)
September 20 2018 - 5:16PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
September 20, 2018
(September 14, 2018)
Nxt-ID, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
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000-54960
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46-0678374
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(State or other jurisdiction
of incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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Nxt-ID, Inc.
1627 U.S. Highway 1
Unit 206
Sebastian, FL 32958
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code:
(203) 266-2103
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b)
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c)
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Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☒
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 1.01 Entry into a Material Definitive Agreement.
On September 14, 2018, Nxt-ID, Inc., a
Delaware corporation (the “Company”), entered into a Warrant Amendment and Exercise Agreement (the “Amendment
Agreement”) with certain holders (collectively, the “Investors”) of previously issued Common Stock Purchase Warrants
(the “Old Warrants”).
In connection with those certain Common Stock
Purchase Warrants between the Company and the Investors dated July 13, 2017, July 19, 2017, and November 13, 2017, (the “Warrant
Agreements”) the Company agreed to issue to the Investors warrants to purchase up to 3,273,601 shares of common stock at
an exercise price of $2.00 per share, (the “New Warrants”) under certain circumstances. Under the terms of the Amendment
Agreement, in consideration of the Investors’ exercising up to 3,273,601 of the Old Warrants, the exercise price per share
of the Old Warrants was reduced to $1.50 per share. The Investors may continue to exercise the Old Warrants after December 31,
2018, but will not receive any New Warrants for any warrants exercised after that date. The exercise price per share of the New
Warrants represented a 30% premium to the closing price for the Company’s Common Stock on September 14, 2018.
The Amendment Agreement incorporated portions
of the Warrant Agreement, which contained customary representations, warranties and covenants by each of the Company and the Investors.
The New Warrants, if issued, are exercisable
for up to the original expiration dates of the Old Warrants, or July 19, 2022, January 13, 2023, or May 13, 2023, as applicable.
The exercise price and number of shares issuable upon exercise of the New Warrants are subject to traditional adjustment for stock
splits, combinations, recapitalization events and certain dilutive issuances. The New Warrants are required to be exercised for
cash; however, if during the term of the New Warrants there is not an effective registration statement under the Securities Act
of 1933, as amended (the “Securities Act”), covering the resale of the shares issuable upon exercise of the New Warrants,
then the New Warrants may be exercised on a cashless (net exercise) basis.
Item 3.02 Unregistered Sales of Equity Securities.
The disclosure set forth in Item 1.01 of this
Current Report on Form 8-K is incorporated herein by reference into this Item 3.02 in its entirety. The Company is issuing the
New Warrants and will issue the shares issuable upon exercise of the New Warrants, in each case in reliance upon the exemption
from registration contained in Section 4(a)(2) of the Securities Act or Rule 506 promulgated under the Securities Act. The New
Warrants sold, or any shares of Common Stock issued upon the exercise of the New Warrants, may not be offered or sold in the United
States absent registration or an applicable exemption from registration requirements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 20, 2018
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NXT-ID, INC.
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By:
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/s/ Gino M. Pereira
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Name: Gino M. Pereira
Title: Chief Executive Officer
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