Shelton, CT – September 10, 2014 – Nxt-ID, Inc. (Nasdaq: NXTD and NXTDW) (“Nxt-ID” or the “Company”), a biometric authentication company focused on the growing mobile commerce market, today announced the pricing of an underwritten public offering of 2,127,273 of shares of common stock and warrants to purchase 2,127,273 shares of common stock at a combined public offering price of $2.75 per share and related warrant. The Company expects to receive $5,850,000 in gross proceeds, before underwriting discounts and offering expenses payable by the Company and assuming no exercise of the underwriter’s over-allotment option. The Company has granted the representative of the underwriters a 45-day option to purchase up to 319,090 additional shares of common stock and/or warrants to purchase up to an additional 319,090 shares of common stock. The warrants are exercisable for a period of five years beginning on the closing date of the offering at an exercise price of $3.288 per share.
The Company intends to use the net proceeds received from the offering for general corporate purposes including working capital, product development and marketing activities.
The shares of common stock and warrants to purchase common stock are expected to begin trading on The NASDAQ Capital Market under the ticker symbol "NXTD" and “NXTDW,” respectively, on Thursday, September 11, 2014. The offering is expected to close on September 15, 2014, subject to customary closing conditions.
Northland Capital Markets and The Benchmark Company are acting as Co-Book-Running Managers, and Newport Coast Securities Inc. is acting as co-manager for the offering.
A registration statement on Form S-1 (File No. 333-197845) relating to the securities was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's web site at http://www.sec.gov. Copies of the final prospectus relating to the offering, when available, 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.
Northland Capital Markets is the trade name for certain capital markets and investment banking services of Northland Securities, Inc., member FINRA/SIPC.
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