On Tuesday Nxt-ID, Inc. (NASDAQ: NXTD) remained among the day losers and traded with change of -0.53% on volume of 179228 shares in the last session as compared to average volume of 323517 shares. During last trade its minimum price was $1.88 and it gained highest price of $1.92. NXTD has total market capitalization of $46131339. Its closing value stands at $1.89.
Nxt-ID, Inc. (NASDAQ: NXTD) declared the closing of a new $16 million senior secured term loan due 2023 (the “Term Loan”) through Sagard Credit Partners LP (“SCP”). The Company will use the proceeds from the Term Loan to refinance its existing revolving loan facility and to pay for accrued interest and costs associated with the refinancing. In addition, the Term Loan proceeds will also provide ongoing working capital, funds for future capital expenditures, and capital for general corporate purposes.
Key features of the Term Loan include:
Interest rate of LIBOR + 9.5%, resulting in a savings in annual interest expense of approximately $2 million a year as compared to the terms and conditions of the previous revolving loan facility and based on current interest rates;
Maturity date of May 24, 2023;
No mandatory debt amortization
Issuance of two Common Stock Purchase Warrants to the Lender. Each Warrant is exercisable for an aggregate of 244,081 shares of the Company’s Common Stock. Each Warrant will be exercisable beginning on May 24, 2018, and will be exercisable for a period of five years. The exercise price per Warrant Share, is $3.90 for the first Warrant and $4.88 for the second Warrant.
the Company’s Chief Executive Officer, Gino Pereira said “This transaction significantly lowers our interest rate which will significantly increase our cash flow”. “It provides stability to our balance sheet and improves our overall financial position, which will help serve as a catalyst for future growth. This is a positive step forward for the Company.”
Shares of Nxt-ID, Inc. have been recently spotted trading -78.00% off of the 52-week high price. On the other end, company shares have been noted 87.13% away from the low price over the last 52-weeks. 52 week range of the stock remained $ 1.01 – 8.59. Switching over to some distances from popular moving averages, we see that the stock has been recorded -5.20% away from the 50 day moving average and -10.11% away from the 200 day moving average. Moving closer, we can see that shares have been trading -2.59% off of the 20-day moving average. 16 employees work in the Company. It has market cap of $46.06M.