NXT-ID, Inc. (NASDAQ: NXTD) Files 8K; Plan to
Regain NASDAQ Compliance
Company also files 8K for
recent Investor Webcast Presentation
Point Roberts WA – April 12 , 2016-
Investorideas.com, a digital global news source covering leading sectors
including tech stocks reports that NXT-ID, Inc. (NASDAQ: NXTD), a company focused on the growing mobile commerce
market, has filed an 8K addressing its NASDAQ listing and its plan to regain compliance.
Additionally the Company filed an 8K for its
investor webcast held April 4th.
Form
8-K for NXT-ID, INC. 12-Apr-2016- Compliance Excerpt:
NXT-ID, Inc. (the "Company") previously
reported in a Form 8-K filed on October 9, 2015, with the Securities and
Exchange Commission (the "SEC") that the Company had received written
notice on October 6, 2015, from the NASDAQ Stock Market ("Nasdaq")
indicating that the Company was not in compliance with NASDAQ Listing Rule
5550(b)(2), as the Company's Market Value of Listed Securities was below $35
million for the previous thirty (30) consecutive business days. The NASDAQ
notice further stated that pursuant to NASDAQ rules the Company was required to
submit to NASDAQ a plan to regain compliance no later than April 4, 2016. The
Company has discussed with NASDAQ a plan to regain compliance.
As previously reported in the Company's Form 8-K
filed on April 1, 2016, the Company entered into a placement agency agreement
with Aegis Capital Corp., relating to the issuance and sale of 2,500,000 shares
of its Series A Convertible Preferred Stock, par value $0.0001 per share (the
"Series A Preferred Stock"), for a purchase price of $1.00 per share
(the "Offering").
The Offering closed on April 11, 2016. The gross
proceeds to the Company from the Offering were approximately $2,500,000, before
deducting the placement agent's commissions and estimated Offering expenses
payable by the Company.
As of the date of this report, the Company believes
that it has regained compliance for continued Nasdaq listing pursuant to the
alternative stockholders' equity requirement as provided in NASDAQ Listing Rule
5550(b)(1) based upon the proceeds from the Offering, and the associated
increase in the Company's stockholders' equity. As of the date of this report,
the Company believes its stockholders' equity is in excess of $2,500,000.
NASDAQ will continue to monitor the Company's
ongoing compliance with the stockholders' equity requirement and, if at the
time of the Company's next periodic report the Company does not evidence
compliance, the Company may be subject to delisting.
Investor
Conference Transcript and Presentation 8K:
On
April 4, 2016, NXT-ID, Inc. held a webinar for investors. The presentation and
script used during the webinar are hereby furnished as Exhibits 99.1 and 99.2
under Item 7.01.
NXT-ID is an emerging growth technology company
that is focused on products, solutions, and services for security on mobile
devices. Our core technologies consist of those that support digital payments,
biometric identification, encryption, sensors, and miniaturization. We have
three distinct lines of business that we are currently pursuing: mobile
commerce, primarily through the application of secure digital payment
technologies; biometric access control applications, and Department of Defense
contracting. Our initial efforts have primarily focused on the development of
our secure products for the growing m-commerce market, most immediately, a secure
mobile electronic smart wallet, the Wocket®. The Wocket® is a smart wallet,
designed to protect your identity. www.wocketwallet.com
Sectors we cover in include mining, energy,
renewable energy, water stocks, food and beverage (including organic and LOHAS,
wine), defense and security, biotech, technology and mobile. We have also
recently expanded our global coverage to include Latin American stocks, the
Middle East, sports and entertainment.
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