OXFORD, CT - August 5, 2015 (Investorideas.com Newswire) NXT-ID, Inc. ( NASDAQ: NXTD) ("NXT-ID" or the "Company"), announced today that it has closed the previously announced public offering of shares of its common stock. The Company offered 1,721,429 shares of common stock at a price to the public of $1.75 per share.
In connection with the public offering, the Company also announced today that is has closed the previously announced private placement of its warrants to purchase shares of common stock. The Company offered warrants to purchase 860,716 shares of common stock at a price to the public of $0.0000001 per warrant. The warrants are initially exercisable on the six (6) month anniversary of the issuance date at an exercise price of $2.35 per share.
Nxt-ID received gross proceeds from the public offering, before deducting the placement agent fees and estimated offering expenses payable by Nxt-ID, of approximately $3,012,500.
The Company intends to use the net proceeds received from the offering for general corporate purposes including working capital, and marketing activities to support the recent launch of its lead product the Wocket® Smart Wallet.
Northland Securities, Inc. acted as the exclusive placement agent for the offerings. The Benchmark Company acted as an advisor for the offerings.
The public offering was made pursuant to a registration statement on Form S-3 that Nxt-ID filed with the Securities and Exchange Commission ("SEC") and which is effective. A final prospectus supplement containing important information relating to these securities was filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov. Copies of the final prospectus supplement relating to the public offering may be obtained from the offices of Northland Capital Markets, 45 South 7th Street, Suite 2000, Minneapolis, MN 55402, (612) 460-4803, or from the above-mentioned SEC website.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About NXT- ID
NXT-ID's innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms led by the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. http://www.wocketwallet.com/
For more information, please visit www.nxt-id.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, which include the closing of the offerings, reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to NXT-ID, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
NXT- ID Inc Contact:
Corporate info: email@example.com
D. Van Zant
Published at Investorideas.com
About www.InvestorIdeas.com : Big Ideas for global investors
Sign up for free news alerts
Disclaimer/Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: As of January 1, 2015 NXT-Id renewed for five thousand per month and long 144 shares for news publication and marketing of Wocket smart wallet. More info: http://www.investorideas.com/About/Disclaimer.asp and http://www.investorideas.com/About/News/Clientspecifics.asp
BC Residents and Investor Disclaimer: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894 . Global investors must adhere to regulations of each country.