OXFORD, Conn., Sept. 27, 2021 /PRNewswire/ -- NXT-ID, Inc.
(NASDAQ: NXTD) (the "Company" or "NXT-ID), a provider of technology
products and services for healthcare applications, today announced
that both of the leading independent proxy advisory firms, Glass
Lewis & Co. ("Glass Lewis"), and Institutional Shareholder
Services ("ISS"), have recommended that NXT-ID shareholders vote
"FOR" the proposed reverse stock split of NXT-ID's common stock and
"FOR" a reverse split of its Series C Preferred Stock at the
Company's special shareholders meeting scheduled to be held on
Friday, October 15th,
2021. The Company's board of directors has unanimously recommended
that shareholders vote "FOR" each of the reverse stock split
proposals.
In its September 21, 2021 report
recommending that NXT-ID shareholders vote for the reverse stock
split proposals, Glass Lewis said, "We agree with the board that it
is in the best interest of the Company to reduce the number of
shares of common stock outstanding and thereby attempt to
proportionally raise the per-share price of the Company's common
stock. On September 20, 2021, the
Company's common stock closed at $0.39. A higher stock price may help to increase
investor interest, attract and retain employees and improve the
Company's ability to raise additional capital through equity
offerings." ISS agreed that "the reverse stock split is necessary
for the company to maintain the listing of its common stock on the
Nasdaq Capital Market," and concluded that "support for this
proposal is warranted."1
"We welcome the support of these two leading proxy advisory
firms, whose recommendations are relied upon by thousands of
institutional investors," said Chia-Lin
Simmons, Chief Executive Officer of NXT-ID. "Both Glass
Lewis and ISS recognize that the reverse stock splits will enable
us to avoid being delisted from the Nasdaq Capital Market, which
would adversely impact the Company's market valuation and our
shareholders' trading liquidity. We believe that our recent capital
raises and our revised business plan will allow NXT-ID's new
management team to grow the Company and generate long-term
shareholder value. We believe that remaining listed on Nasdaq will
provide our shareholders with the opportunity to benefit from
future value creation and the Company's continued access to the
capital markets. We urge all shareholders to follow the
recommendations of Glass Lewis and ISS and vote 'FOR' the proposals
today."
Shareholders as of the special meeting record date, September 16, 2021, will be entitled to vote at
the special meeting. Shareholders are encouraged to read about the
reverse stock split proposals in the Company's Definitive Proxy
Statement on Schedule 14A that was filed with the Securities and
Exchange Commission ("SEC") on September 17,
2021. Shareholders who have any questions or need assistance
voting their shares should contact the Company's proxy solicitor,
Laurel Hill Advisory Group, LLC, at 888-742-1305.
Registered Holders
If your shares are registered directly in your name with
NXT-ID's transfer agent, VStock Transfer, LLC, you are considered
the "stockholder of record" of those shares and the proxy statement
for the Company's special meeting is being sent directly to you by
NXTD. Shareholders of record (that is, shareholders who hold their
shares in their own name) can vote by mail, online, email, fax or
in person at the special meeting by following the instructions
provided on the proxy card.
If you choose to submit your proxy by mail, simply mark, date
and sign your proxy card and return it in the
postage-paid envelope provided.
If you choose to submit a proxy by internet, go
to http://www.vstocktransfer.com/proxy to
complete an electronic proxy card. Have your proxy card in hand
when you access the website and follow the instructions to cast a
vote. Your internet proxy must be received by 11:59 p.m. Eastern Time on October 14, 2021
to be counted.
Beneficial Owners of Shares Held in Street Name
If your shares are held in "street name" (that is, in the name
of a bank or broker or other holder of record), you will receive
instructions from the holder of record that you must follow in
order for your shares to be voted. Internet voting will also be
offered to shareholders owning shares through most banks and
brokers. If your shares are held with a brokerage firm or
custodial bank, you are considered the "beneficial owner" of shares
held in street name, and the proxy statement for the Company's
special meeting was mailed or emailed to you by your broker, bank
or nominee, who is considered the stockholder of record of those
shares. As a beneficial owner, you have the right to direct your
broker, bank or nominee on how to vote the shares held in your
account.
However, holders of shares held in "street name" may not vote
these shares in person at the Company's special meeting unless such
holders request and obtain a legal proxy from such bank, broker or
other holder of record.
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, sensor technologies and
healthcare applications. Through its subsidiary, LogicMark LLC,
NXT-ID 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
corporate information contact: info@NXT-ID.com.
Forward-Looking Statements
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; the Company's ability to maintain its Nasdaq listing
for its common stock; 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 SEC.
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1
Permission to use quotations was neither sought nor
obtained.
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SOURCE NXT-ID, Inc.