NXT-ID, Inc. (NASDAQ: $NXTD) Files 8K; Plan to Regain #NASDAQ Compliance
Company also files 8K for recent Investor Webcast Presentation
Form 8-K for NXT-ID, INC. 12-Apr-2016- Compliance :
NXT-ID, Inc. (the “Company”) previously reported in a Form 8-K filed on October 9, 2015, with the Securities and Exchange Commission (the “SEC”) that the Company had received written notice on October 6, 2015, from the NASDAQ Stock Market (“Nasdaq”) indicating that the Company was not in compliance with NASDAQ Listing Rule 5550(b)(2), as the Company’s Market Value of Listed Securities was below $35 million for the previous thirty (30) consecutive business days. The NASDAQ notice further stated that pursuant to NASDAQ rules the Company was required to submit to NASDAQ a plan to regain compliance no later than April 4, 2016. The Company has discussed with NASDAQ a plan to regain compliance.
As previously reported in the Company’s Form 8-K filed on April 1, 2016, the Company entered into a placement agency agreement with Aegis Capital Corp., relating to the issuance and sale of 2,500,000 shares of its Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), for a purchase price of $1.00 per share (the “Offering”).
The Offering closed on April 11, 2016. The gross proceeds to the Company from the Offering were approximately $2,500,000, before deducting the placement agent’s commissions and estimated Offering expenses payable by the Company.
As of the date of this report, the Company believes that it has regained compliance for continued Nasdaq listing pursuant to the alternative stockholders’ equity requirement as provided in NASDAQ Listing Rule 5550(b)(1) based upon the proceeds from the Offering, and the associated increase in the Company’s stockholders’ equity. As of the date of this report, the Company believes its stockholders’ equity is in excess of $2,500,000.
NASDAQ will continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement and, if at the time of the Company’s next periodic report the Company does not evidence compliance, the Company may be subject to delisting.
Investor Conference Transcript and Presentation 8K:
On April 4, 2016, NXT-ID, Inc. held a webinar for investors. The presentation and script used during the webinar are hereby furnished as Exhibits 99.1 and 99.2 under Item 7.01.