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.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $2.5 million
|
| Preferreds: | 2.5 million
|
| Price: | $1.00
|
| Conversion price: | $0.60
|
| Conversion premium: | 3.45%
|
| Warrants: | No
|
| Agent: | Aegis Capital Corp.
|
| Pricing date: | April 1
|
| Settlement date: | April 6
|
| Stock symbol: | Nasdaq: NXTD
|
| Stock price: | $0.58 at close on March 31
|
| Market capitalization: | $16.25 million
|
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