Health technology product and service provider Nxt ID Inc (NASDAQ: NXTD) was on the news cycle on Monday after the company shared a key letter from CEO Chia-Lin Simmons with the shareholder.
The letter in question provided an overview of the activities undertaken by the company during the first 100 days of Simmons’ tenure as CEO and also outlined plans to generate future growth. However, it appears that the updates weren’t particularly a source of excitement for shareholders. Nxt ID stock was actually down 7% yesterday and it will be interesting to see if it manages to recover or dip further in the coming days.
In the aforementioned letter, the CEO also urged shareholders to vote in favor of all proposals relating to a split of Nxt ID common stock as well as Series C preferred stock. It was also pointed out that the reverse split is going to be necessary. to keep the stock listed on the NASDAQ. The proposals will be put to the vote at the extraordinary shareholders’ meeting called by the company on October 15, 2021.