NXT-ID, INC. TO ADJOURN ANNUAL MEETING OF STOCKHOLDERS
November 22 2020 - 8:31PM
Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company”) today announced
that the Company plans to adjourn the Annual Meeting of
Stockholders, scheduled to be held on Monday, November 23, 2020 at
9:00 a.m. (Eastern Time), to Tuesday, November 24, 2020 at 9:00
a.m. (Eastern Time), to be held at the Company’s office at 288
Christian Street, Hangar C 2nd Floor, Oxford CT 06478. The
Company is adjourning the Annual Meeting only with respect to
Proposals Number 3 and Number 4. The Company will announce such
adjournment at the currently scheduled Annual Meeting.
The Company is adjourning the Annual Meeting to
allow its retail stockholders additional time to vote and approve
Proposals Number 3 and Number 4, which are described in the Proxy
Statement. Proposal Number 3 authorizes the Company’s board of
directors (the “Board”) to effect, at its discretion, a reverse
stock split of the Company’s common stock at a specific ratio
within a range from one-for-three to one-for-ten. Proposal Number 4
authorizes the Board to (i) effect a reverse stock split of all of
the Company’s outstanding shares of Series C Non-Convertible Voting
Preferred Stock by the same ratio that the Company’s Board selects
for the reverse stock split of the Company’s common stock described
in Proposal Number 3 and (ii) increase the stated value of the
Series C Preferred Stock by the same amount as the ratio of the
Series C Preferred reverse stock split.
Each stockholder’s vote matters and is important no
matter how many shares they own. The Company requests that its
stockholders please take the time to read and respond to the
Company’s proxy materials that were previously provided to them and
vote promptly. Voting over the phone or on the Internet will
require that its stockholders have their proxy control number
available. That number is either printed on the voting instruction
form, if stockholders received a physical copy of the proxy
materials, or accessible through the voting portal, if the proxy
materials were electronically delivered. Stockholders who have sold
their shares but were a holder of record at the close of business
on August 17, 2020, the record date for the Annual Meeting, remain
entitled to vote. The Company encourages its stockholders who have
already voted against the reverse stock splits to please reconsider
voting. In particular, the Board encourages stockholders to vote
“FOR” each of the proposals. It is critical that each
stockholder vote and vote to support these proposals. The integrity
of our Company and each stockholder’s investment will suffer
tremendously if the Company is delisted; hence the importance of
each vote.
Stockholders who need assistance in submitting
their proxy or voting their shares should call the Company’s proxy
solicitor, Laurel Hill Advisory Group, at 888-742-1305.
About Nxt-ID, Inc.Nxt-ID, Inc.
(NASDAQ: NXTD) provides technology products and services for
healthcare applications. The Company has extensive experience in
access control, biometric and behavior-metric identity
verification, security and privacy, encryption and data protection,
payments, miniaturization and sensor technologies. Through its
subsidiary, LogicMark LLC, Nxt-ID, Inc. is a manufacturer and
distributor of non-monitored and monitored personal emergency
response systems sold through dealers/distributors and the United
States Department of Veterans Affairs. Learn more about Nxt-ID at
www.nxt-id.com. For Nxt-ID, Inc. corporate information contact:
info@nxt-id.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.
Media Contacts: Vincent S.
Miceliinvestors@nxt-id.com
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