Deal sells one-year senior secured notes, warrants for 937,498 shares
By Devika Patel
Knoxville, Tenn., April 24 – Nxt-ID, Inc. settled a $1.58 million private placement of 6% senior secured convertible notes on April 24, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on April 25, 2016 and is initially convertible into common stock at $2.52 per share. The conversion price is a 3.82% discount to the April 23 closing share price of $2.62.
The investors also received five-year warrants for 937,498 shares, half of which are each exercisable at $3.02, with the remainder each exercisable at $5.00. The strike prices are 15.27% and 90.84% premiums to the April 23 closing share price.
The Oxford, Conn., company offers security solutions for mobile devices.
| Issuer: | Nxt-ID, Inc.
|
| Issue: | Senior secured convertible note
|
| Amount: | $1,575,000
|
| Maturity: | April 25, 2016
|
| Coupon: | 6%
|
| Conversion price: | $2.52
|
| Warrants: | For 937,498 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.02 (for 468,749 shares), $5.00 (for 468,749 shares)
|
| Agent: | WestPark Capital
|
| Settlement date: | April 24
|
| Stock symbol: | Nasdaq: NXTD
|
| Stock price: | $2.62 at close April 23
|
| Market capitalization: | $62.89 million
|
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