Deal sells 1,721,429 shares at $1.75 apiece with five-year warrants
By Devika Patel
Knoxville, Tenn., July 30 – Nxt-ID, Inc. arranged a $3.01 million registered direct placement of stock on July 2, according to an 8-K and prospectus supplement filed Thursday with the Securities and Exchange Commission. Northland Securities, Inc. is the agent.
The company will sell 1,721,429 common shares at $1.75 apiece, an 8.85% discount to the July 29 closing share price of $1.92.
Investors also will receive warrants for 860,716 shares. The warrants are exercisable at $2.35 for five years. The strike price is a 22.4% premium to the July 29 closing price.
Settlement is expected Aug. 4.
Proceeds will be used for working capital and other general corporate purposes.
The Oxford, Conn., company offers security solutions for mobile devices.
| Issuer: | Nxt-ID, Inc.
|
| Issue: | Common shares
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| Amount: | $3,012,500
|
| Shares: | 1,721,429
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| Price: | $1.75
|
| Warrants: | For 860,716 shares
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| Warrant expiration: | Five years
|
| Warrant strike prices: | $2.35
|
| Agent: | Northland Securities, Inc.
|
| Pricing date: | July 30
|
| Settlement date: | Aug. 4
|
| Stock symbol: | Nasdaq: NXTD
|
| Stock price: | $1.92 at close July 29
|
| Market capitalization: | $40.3 million
|
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