OXFORD, Conn., Aug. 5, 2015 /PRNewswire/ -- Nxt-ID, Inc. (Nasdaq: NXTD and NXTDW) ("Nxt-ID" or the "Company") announced today that it has closed the previously announced public offering of shares of its common stock. The Company offered 1,721,429 shares of common stock at a price to the public of $1.75 per share.
In connection with the public offering, the Company also announced today that is has closed the previously announced private placement of its warrants to purchase shares of common stock. The Company offered warrants to purchase 860,716 shares of common stock at a price to the public of $0.0000001 per warrant. The warrants are initially exercisable on the six (6) month anniversary of the issuance date at an exercise price of $2.35 per share.
Nxt-ID received gross proceeds from the public offering, before deducting the placement agent fees and estimated offering expenses payable by Nxt-ID, of approximately $3,012,500.
The Company intends to use the net proceeds received from the offering for general corporate purposes including working capital, and marketing activities to support the recent launch of its lead product the Wocket® Smart Wallet.
Northland Securities, Inc. acted as the exclusive placement agent for the offerings. The Benchmark Company acted as an advisor for the offerings.
The public offering was made pursuant to a registration statement on Form S-3 that Nxt-ID filed with the Securities and Exchange Commission ("SEC") and which is effective. A final prospectus supplement containing important information relating to these securities was filed with the SEC. Electronic copies of the prospectus supplement and accompanying prospectus will also be available on the website of the SEC at http://www.sec.gov. Copies of the final prospectus supplement relating to the public offering may be obtained from the offices of Northland Capital Markets, 45 South 7th Street, Suite 2000, Minneapolis, MN 55402, (612) 460-4803, or from the above-mentioned SEC website.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
NXT-ID's innovative MobileBio™ solution mitigates consumer risks associated with mobile computing, m-commerce and smart OS-enabled devices. The company is focused on the growing m-commerce market, launching its innovative MobileBio™ suite of biometric solutions that secure consumers' mobile platforms led by the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with your biometric stamp of approval. www.wocketwallet.com
NXT-ID's wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com, http://3d-id.net.
For more information, please visit www.nxt-id.com.
Cautionary Statement Regarding Forward Looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, which include the closing of the offerings, reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to NXT-ID, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
NXT- ID Inc Contact:
Corporate info: firstname.lastname@example.org
D. Van Zant
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SOURCE NXT-ID, Inc.