Nxt-ID Inc. (NXTD) shares declined 5.41% in after-hours on Friday, October 29, 2021, and closed the weekly trading at $3.50. However, in the regular trading session, NXTD’s stock gained 24.58%. NXTD shares have fallen 7.82% over the last 12 months, and they have moved up 41.76% in the past week. Over the past three months, the stock has lost 51.38%, while over the past six months, it has declined 58.55%.
Let’s see what are the latest news about the company?
NXTD Reverse stock split
On October 15, 2021, Nxt-ID, Inc. (NXTD) shareholders approved the two reverse stock split proposals relating to NXT-ID’s common stock and Series C preferred stock at the Company’s special shareholders meeting.
The Board approved a 1-for-10 reverse split for the Company’s common stock and a corresponding 1-for-10 reverse split for its Series C preferred stock. The Company’s new common stock began trading on a split-adjusted basis on Monday, October 18, 2021, under the new CUSIP number 67091J404.
NXTD Pricing of Underwritten Public Offering
The company announced a combined purchase price of $0.45 per Share and Warrant. The Warrants have an initial exercise price of $0.495 per share, subject to certain adjustments, and a term of approximately five years. The company will get gross proceeds of approximately $12.5 million. Underwriters can purchase up to additional 3,637,500 Shares and warrants and additional 3,637,500 shares of common stock.
NXTD recent financial results announcement
On August 17, 2021, Nxt-ID, Inc. (NXTD) reported its financial results for the three months and six months ended June 30, 2021.
Q2 2021 financial highlights
- NXTD reported revenue of approximately $2.8 million in Q2 2021 compared to $2.5 million in Q2 2020.
- It earned a gross profit of $1.8 million in Q2 2021 same as Q2 2020.
- In Q2 2021, operating expenses were approximately $2.0 million, compared to approximately $1.9 million in Q2 2020.
- It suffered a net loss of $1.2 million or $0.02 per share in Q2 2021, compared to a net loss of approximately $668,000 or $0.02 per share in the same quarter last year.
We are unable to find any reason behind its exceptional surge in the regular trading session on Friday and later minor loss in the after-hours. Based on its recent news, we can expect it to commence the new week trading in a positive mode.