Current Report Filing (8-k)
April 23 2020 - 4:33PM
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) April
23, 2020 (April 17, 2020)
Nxt-ID, Inc.
(Exact name of registrant as specified in its
charter)
Delaware
|
|
000-54960
|
|
46-0678374
|
(State or other jurisdiction
of incorporation)
|
|
(Commission File Number)
|
|
(IRS Employer
Identification No.)
|
Nxt-ID, Inc.
288 Christian Street
Hangar C 2nd Floor
Oxford, CT 06478
(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):
☐ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which
registered
|
Common Stock, par value $0.0001
|
|
NXTD
|
|
The Nasdaq Capital Market
|
Item 3.01.
|
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
|
As previously disclosed on its Current Report
on Form 8-K, filed with the U.S. Securities Commission (the “SEC”) on May 24, 2019, Nxt-ID, Inc. (the “Company”)
received written notice from the staff (the “Staff”) of the Listing Qualifications Department of The Nasdaq Stock Market
(“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing
bid price for the Company’s common stock, par value $0.0001 per share, had closed below $1.00 per share for the previous
30 consecutive business days (the “Minimum Bid Price Requirement”). Further, as previously disclosed on its Current
Report on Form 8-K, filed with the SEC on November 21, 2019, the Company received notice from Nasdaq indicating that, while the
Company had not regained compliance with the Minimum Bid Price Requirement, the Staff had determined that the Company was eligible
for an additional 180-day period, or until May 18, 2020, to regain compliance.
On April 17, 2020, the Company received notice
from Nasdaq that the 180-day grace period to regain compliance with the Minimum Bid Price Requirement under applicable Nasdaq rules
has been extended due to the global market impact caused by COVID-19. More specifically, Nasdaq has stated that the compliance
periods for any company previously notified about non-compliance will be suspended effective April 16, 2020, through June 30, 2020.
On July 1, 2020, companies would receive the balance of any pending compliance period exception to come back into compliance with
the applicable Minimum Bid Price Requirement. As a result of this extension, the Company now has until August 3, 2020, to regain
compliance with the Minimum Bid Price Requirement.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements in this Current Report on
Form 8-K are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be
identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,”
“estimate,” “expect,” “intend,” “likely,” “may,” “plan,”
“potential,” “predict,” “opportunity” and “should,” among others. There are a number
of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. The Company
does not undertake an obligation to update or revise any forward-looking statements. Investors should read the risk factors set
forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and its other periodic reports filed
with the Securities and Exchange Commission.
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: April 23, 2020
|
Nxt-ID, Inc.
|
|
|
|
|
By:
|
/s/ Vincent S. Miceli
|
|
Name:
|
Vincent S. Miceli
|
|
Title:
|
Chief Executive Officer
|
NXT ID (NASDAQ:NXTD)
Historical Stock Chart
From Mar 2024 to Apr 2024
NXT ID (NASDAQ:NXTD)
Historical Stock Chart
From Apr 2023 to Apr 2024