Nxt-ID (NASDAQ:NXTD) has dropped 42% year to date. Recently, the company announced Chai-Lin Simmons as its new CEO and Board of Directors’ member. The company creates biometric access tech and individual emergence response systems, and in 2019, it spun off authentication and payments subsidiary Fit Pay.
Simmons assumed her role on June 21, 2021, as per the announcement. Following her appointment, Simmons said that she is delighted to join the company during this pivotal phase of its development.
The company announced that it had prepaid an extra $3 million of its Senior Term Loan Facility in May. At the time, the company’s CEO, Vincent S. Micelli, said that the company made a voluntary payment for the loan facility and didn’t incur any premium associated with the prepayment.
As a result, Nxt-ID expects to save around $400,000 in interest payment per year at the current rate. In addition, the company will reinvest cost savings in its new product development efforts and expedite repayment of the rest of the loan balance. So, in the coming months, NXTD is a stock to watch.
Market Reaction:
On Friday, NXTD stock went up 2.37% at $0.88 with more than 1.26 million shares, compared to its average volume of 2.75 million shares. The stock had moved within a range of $0.8602 – 0.9198 after opening the trade at $0.86. Over the past 52-week, the stock has been trading within a range of $0.2900 – 3.4400.
 Stock Slumps 42% YTD: A Good Opportunity?){kind=link}