The stock of Nxt-ID Inc. (NXTD) rose 6.35% to trade at $0.807 during pre-market trading despite no news to point for the activity. On Friday, NXTD’s stock closed at $0.76, down by 0.16%. A total of 4.63 million shares were traded, which was higher than the average daily volume of 4.39 million shares over the past 50 days. In the past week, the share price of NXTD has declined by -2.99%. In the past year, its shares have increased by 65.97%. For the past three months, the stock has shed -13.77%, while it has shed -39.30% over the past six months. Furthermore, the company’s market value is $40.49 million, and it has 48.19 million shares outstanding.
Chia-Lin Simmons was appointed CEO and a Board of Directors member of NXT-ID, Inc. (NXTD) on June 17, 2021. She will perform all the duties and responsibilities normally associated with a Chief Executive Officer role.
Products & Services
Nxt-ID Inc. provides technology products and services for health care applications, and its stock should be affordable for most investors. It provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT).
Prepayment debt policy
On May 2021, the company announced that it had prepaid an additional $3.0 million of its Senior Secured Term Loan Facility. At current interest, the company hopes that this prepayment will save near $400 thousand in interest on an annual basis. The company plans to reinvest the savings in the incoming product advancement initiatives to accelerate repayment of the remaining Term Loan balance. Earlier, in Feb 2021, the company has announced that it has made a prepayment of near $5.0 million in the principle of its senior secured debt. Resultantly, it reduced the outstanding principal amount to approximately $5.7 million. To date, the company has repaid approximately $14.3 million of its Term Loan from inception. Afterward, the remaining Term Loan Balance is approximately $2.2 million.
General updates on business growth
On 25 January 2021, Nxt-ID Inc. provides a general update on the status of the business. It has acknowledged the adverse outcomes of COVID-19 on the business. However, it reported some positive trends too. Firstly, the company has rolled out its new 4G version of Guardian Alert Plus which has been well received. Secondly, certain VA hospitals and clinics are placing orders in line with pre-COVID-19 practices. Hence, it’s getting more bulk orders from some of the hospitals increasing their respective staffing levels. Moreover, the company has submitted its GSA application with the U.S. government and was expecting to receive a contract by mid-2021.