NXT-ID, INC. TO ADJOURN ANNUAL MEETING OF STOCKHOLDERS
06 November 2020 - 1:24PM
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 Friday, November 6, 2020 at 9:00 a.m.
(Eastern Time), to Tuesday, November 17, 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 Proposal Number 3 and/or Proposal Number 4 to
please reconsider voting. In particular, the Board encourages
stockholders to vote “FOR” each of the proposals.
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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