NXT-ID Inc (NASDAQ:NXTD) Reports $7 Million Registered Direct Offering

NXT-ID Inc (NASDAQ:NXTD) has entered into definitive deals with certain institutional investors to buy an aggregate of around $7 million of shares in a registered direct offering. The offering is priced at $4 per share. Upon closing, the firm projects that it will release a total of around 1.75 million registered common shares. The firm plans to use the proceeds for additional debt reduction, to support its Crypto Currency exchange product advancement and for general corporate purposes.

The details

NXT-ID reported that the direct offering is anticipated to yield gross proceeds of $7 million before subtracting placement agent fees and other projected offering expenses. The closing date of the registered direct offering is projected to take be on or close to December 26, 2017, depending on to the fulfillment of customary closing conditions. The lead placement agent for the offering is Aegis Capital Corp. while Maxim Group LLC is engaged as a co-placement agent for this offering.

NXT-ID offers a comprehensive platform of technology services and products that support the Internet of Things. With deep experience in biometric, access control and behavior-metric identity verification, privacy and security, data protection and encryption, miniaturization, sensor and payments technologies, the company markets and advances innovative solutions for IoT and payment applications.

Its industry-leading technology solutions and products comprise MobileBio®, which is a suite of biometric offerings that secure customers’ mobile platforms, the Flye, an innovative digital credit card advanced in collaboration with WorldVentures, and the Wocket™, a next-gen smart wallet.

In the last trading session, the stock price of NXT-ID declined more than 6% to close the day at $4.75. The decline came at a share volume of 11.31 million compared to average share volume of 2.44 million. After the recent decline, the market cap of firm was noted at $96.6 million. NXTD has gained more than 72% so far in this year.

Cook Laurie

Cook Laurie

Laurie, a long-time member of the US Markets Daily general assignment reporter who has covered a variety of subjects from breaking news to investigative features, from stock markets to politics, and from neighborhood small business to global warming.