On Monday healthcare technology products and services provider Nxt ID Inc (NASDAQ:NXTD) was in the news cycle after the company shared a key letter from its Chief Executive Officer Chia-Lin Simmons with the shareholder.
The letter in question provided a lowdown of the activities undertaken by the company during the first 100 days of Simmons’ tenure as the CEO and also highlighted the plans for generating future growth. However, it seems that the updates did not particularly come as a source of excitement for the shareholders. The Nxt ID stock actually declined by as much as 7% yesterday and it is going to be interesting to see if it manages to recover or plunges further in the coming days.
In the aforementioned letter, the CEO also urged the shareholders to vote in favour of all the proposals pertaining to a reverse split of the Nxt ID common stock as well as the Series C preferred stock. It was also pointed out that the reverse split was going to be necessary for the stock to remain listed on the NASDAQ. The proposals are going to be put to vote at the special meeting of shareholders that has been called by the company on October 15, 2021.
