Nxt-ID, Inc. (NASDAQ:NXTD) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement
As previously disclosed on Current Report to Form 8-K filed by
Nxt-ID, Inc. (the Company) on July 27, 2016, on July 25, 2016,
the Company entered into a securities purchase agreement with
certain accredited investors (the Investors) under which the
Investors agreed to purchase an aggregate of 4,500,000 shares of
the Companys Series B Convertible Preferred Stock, par value
$0.0001 per share (the Series B Preferred Stock), and warrants to
purchase 5,625,000 shares of the Companys common stock, par value
$0.0001 per share (the Common Stock), for an aggregate purchase
price of $4,500,000 (the Equity Financing).
On February 6, 2017, several of the Investors and the Company
entered into letter agreements (the Letter Agreements), to which
the Investors agreed that until the Investors no longer hold
Common Stock underlying the Series B Preferred Stock, each
Investor will not trade more than 6.5% (18.75% in the aggregate)
of the daily trading volume of the Common Stock on any day that
any market or exchange on which the Common Stock is listed or
quoted for trading is open for trading.
The foregoing description of the terms of the Letter Agreements
is qualified in its entirety by reference to the provisions of
the Form of Letter Agreement filed as Exhibit 10.1 to this
Current Report to Form 8-K, which is incorporated herein by
reference.
Item9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
| Exhibit 10.1 | Form of Letter Agreement, dated February 6, 2017 | |
About Nxt-ID, Inc. (NASDAQ:NXTD)
Nxt-ID, Inc. is a technology company. The Company is focused on products, solutions and services for security on mobile devices. The Company’s core technologies consist of those that support digital payments, biometric identification, encryption, sensors and miniaturization. It has three lines of business: mobile commerce (m-commerce), primarily through the application of secure digital payment technologies; biometric access control applications, and Department of Defense contracting. It intends to use its core biometric facial and voice recognition algorithms to develop security applications (both cloud based and locally hosted) that can be used for companies, as well as individuals, law enforcement, the defense industry, and the United States Department of Defense. Its offerings include Wocket, a physical electronic smart wallet; the NXT Smartcard, a standalone smartcard; Wi-Mag, an antenna and payment technology, and 3D FaceMatch and 3D SketchArtist facial recognition products. Nxt-ID, Inc. (NASDAQ:NXTD) Recent Trading Information
Nxt-ID, Inc. (NASDAQ:NXTD) closed its last trading session down -0.01 at 2.43 with 33,572 shares trading hands.