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?
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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
On September 15, 2021, Nxt-ID, Inc. (NXTD) revealed the pricing of an underwritten public offering of 27,887,500 shares of the Company’s common stock.
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.
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Conclusion
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.