Deal sells 8% one-year senior secured notes with 900,000 common shares
By Devika Patel
Knoxville, Tenn., Dec. 9 – Nxt-ID, Inc. sold $1.5 million of 8% senior secured convertible notes in a $1.48 million private placement on Dec. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note matures on Dec. 8, 2016 and is convertible into common stock at $0.55 per share. The conversion price is a 52.78% premium to the Dec. 7 closing share price of $0.36.
The investors also received 900,000 common shares.
The Oxford, Conn., company offers security solutions for mobile devices.
| Issuer: | Nxt-ID, Inc.
|
| Issue: | Senior secured convertible note, 900,000 common shares
|
| Amount: | $1.5 million
|
| Maturity: | Dec. 8, 2016
|
| Price: | $1.48 million
|
| Coupon: | 8%
|
| Conversion price: | $0.55
|
| Conversion premium: | 52.78%
|
| Warrants: | No
|
| Settlement date: | Dec. 8
|
| Stock symbol: | Nasdaq: NXTD
|
| Stock price: | $0.36 at close Dec. 7
|
| Market capitalization: | $11.01 million
|
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