NXT-ID,
Inc. (NASDAQ: $NXTD)
Announces Effective Date
of Reverse Split
MELBOURNE,
FL, September 9, 2016 – (investorideas Newswire) 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."
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
Read
this release in full at http://www.investorideas.com/CO/NXT/news/2016/09091ReverseSplit.asp
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.
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
800
665-0411
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