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Tuesday, June 6, 2023

Nxt-ID, Inc. (NXTD) Stock Increasing in Premarket, Here’s Why

Nxt-ID, Inc. (NXTD), a company providing technology products and services for healthcare applications, has increased 2.58% in the premarket session. Consequently, NXTD stock is changing hands at $0.39 at the time of this writing. The increase has come after the company wrote a letter to shareholders. The company urged them to vote for the reverse stock split. On Wednesday, NXTD stock closed the day at $0.38 following a decline of 3.53%.

NXTD letter to shareholders

NXTD, on Wednesday, sent a letter to its shareholders. The letter was from the company’s chief executive Chia-Lin Simmons about the company’s upcoming Special Meeting of the Company’s shareholders. The company said that it would hold the meeting on October 15, 2015. In the letter, the company asked its shareholders to vote for the reverse split proposal related to the company’s common stock and Series C preferred stock. That was done so that the company could regain compliance with the NASDAQ requirements. As a consequence, the company could continue to be listed on the major stock exchange. The company said that the need to approve each of the reverse stock split proposals is urgent and that without such approval, the company expected that its stock could get delisted from NASDAQ on 198th October. That delisting could adversely affect the ease of trading and value of all the company’s securities, which also include its common stock. The letter to shareholders provides information regarding the two reverse stock split proposals and why they are necessary.

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Appointment of CEO

On 17th June, NXTD announced that Chia-Lin Simmons had joined the company as CEO and member of the Board of Directors. The appointment had to become effective from June 14, 2021. The company said that Ms. Simmons would report to the company’s Board of Directors. She was responsible for performing services and duties customarily associated with the post of CEO. Ms. Chia has over 26 years of experience as an executive for tech companies. She has a background in mobility, digital, marketing and investments, corporate finance, law, and strategic planning. Before joining NXTD, she was serving as the Chief Executive Officer and co-founders of LookyLoo, Inc., an AI social commerce company. Also, she was serving as a member of the Board of Directors for Servco Pacific Inc., a global automotive and Consumer Goods Company. Mr Gust, a member of the Company’s Board of Directors, welcomed her induction. He said that under Ms Chia leadership, the company would be looking at new growth initiatives

Future of NXTD?

During the past week, NXTD stock has increased by 0.93%, while it has increased by 11.82% in the last 12 months. The 52 weeks-high of the stock stands at $3.44, while 52 weeks low is $0.29. Based on these indicators, analysts predict that the near future could be a mercurial time for NXTD stock.

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