Series A preferreds sold on a best-efforts basis through Aegis Capital
By Devika Patel
Knoxville, Tenn., April 4 – Nxt-ID, Inc. arranged a $2.5 million registered direct public offering of series A convertible preferred stock on April 1, according to an 8-K filed Monday with the Securities and Exchange Commission. Aegis Capital Corp. is the agent.
The company will sell 2.5 million preferreds at $1.00 apiece on a reasonable best-efforts basis. Each preferred is convertible into common stock at $0.60 per share, which is a 3.45% premium to the March 31 closing share price of $1.05.
Settlement is expected April 6.
The Oxford, Conn., company offers security solutions for mobile devices.
Issuer: | Nxt-ID, Inc.
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Issue: | Series A convertible preferred stock
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Amount: | $2.5 million
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Preferreds: | 2.5 million
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Price: | $1.00
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Conversion price: | $0.60
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Conversion premium: | 3.45%
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Warrants: | No
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Agent: | Aegis Capital Corp.
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Pricing date: | April 1
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Settlement date: | April 6
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Stock symbol: | Nasdaq: NXTD
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Stock price: | $0.58 at close on March 31
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Market capitalization: | $16.25 million
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