Nxt-ID, Inc. (NASDAQ:NXTD) Files An 8-K Other EventsItem 8.01 Other Events.
On September 21, 2018, Nxt-ID issued a press release announcing that its board of directors has approved a plan to separate the Company’s payment and healthcare businesses into two independent, publicly traded companies. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
In furtherance of the proposed spin-off, the Company has received a term sheet from its investment banking firm on behalf of certain institutional investors to finance the spin-off. The terms of the agreement are to be memorialized in definitive agreements between the payment systems business being spun-off and the investors, but contemplate an private placement into the newly spun-off Company of $6 million in the form of a unit to be comprised of a to-be-designated preferred stock, common stock, and warrants at the anticipated price at which the common stock of the spun-off company will trade upon its listing on a national exchange.
This report and the attached press release contain forward-looking statements relating to, among other things, the separation, the expected timetable for completing the separation and the future performance of Nxt-ID’s payment and healthcare businesses.A more thorough discussion of certain factors that may affect the Company’s actual results is included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, copies of which may be obtained by visiting Nxt-ID’s investor relations web site at http://investors.nxt-id.com/financial-information/sec-filings or the SEC’s web site at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this report or the attached press release, which are based on information available to the Company on the date hereof.The Company assumes no obligation to update such statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 99.1 | Press Release, dated September 21, 2018 |
Nxt-ID, Inc. ExhibitEX-99.1 2 f8k092118ex99-1_nxtidinc.htm PRESS RELEASE,…To view the full exhibit click here
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.