Funds used for general corporate purposes, including working capital
By Devika Patel
Knoxville, Tenn., Sept. 10 – Nxt-ID, Inc. said it priced a $5.85 million public sale of units with an $877,498 greenshoe. The deal was announced Aug. 5.
The company will sell 2,127,273 units of one common share and one warrant at $2.75 per unit, with each warrant exercisable at $3.288 for five years. The strike price is a 7.38% discount to the Sept. 9 closing share price of $3.55.
Northland Capital Markets and Benchmark Co. are the joint bookrunners.
Proceeds will be used for general corporate purposes, including working capital, product development and marketing activities.
The Shelton, Conn., company offers security solutions for mobile devices.
| Issuer: | Nxt-ID, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $5.85 million
|
| Greenshoe: | $877,498
|
| Units: | 2,127,273
|
| Price: | $2.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.288
|
| Bookrunners: | Northland Capital Markets and Benchmark Co.
|
| Co-manager: | Newport Coast Securities Inc.
|
| Announcement date: | Aug. 5
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 15
|
| Stock symbol: | Nasdaq: NXTD
|
| Stock price: | $3.55 at close Sept. 9
|
| Market capitalization: | $52.65 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
