A long time stockholder in SCON bought 1,200 shares of stock the beginning of 2006. After two reverse splits a 1 for 10 in 2006 and then a 1 for 12 in 2013 he has 10 shares left and now if they do a 1 for 10 after all these years he will have 1 share worth $ 2.00
On June 1, 2016, Nxt-ID, Inc. (the "Company") received a determination letter (the "Letter") from the staff of The Nasdaq Stock Market LLC ("Nasdaq") stating that the Company has not regained compliance with The Nasdaq Capital Market minimum bid price of $1.00 requirement for continued listing set forth in Nasdaq Listing Rule 5550(a)(2). As previously disclosed, the Company was initially notified on November 30, 2015, that the bid price for its common stock had failed to satisfy the minimum bid price requirement and in accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar days, or by May 31, 2016, to regain compliance with the minimum bid price requirement. The Letter also stated that the Company is not eligible for an additional 180-day extension to regain compliance with the minimum bid price rule because the Company does not meet the minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market.
Pursuant to the Letter, unless the Company requests a hearing to appeal this determination by June 8, 2016, the Company's common stock will be delisted from The Nasdaq Capital Market, trading of the Company's common stock will be suspended at the opening of business on June 10, 2016, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's securities from listing and registration on Nasdaq.
On June 7, 2016, the Company requested a hearing before the Nasdaq Hearings Panel (the "Panel") to appeal the Letter. The Company will be asked to provide the Panel with a plan to regain compliance with the minimum bid price requirement of Listing Rule 5550(a)(2). The Company's plan will need to include a discussion of the events that the Company believes will enable it to timely regain compliance with such requirement. The Company plans to submit a plan that it believes will be sufficient to permit the Company to regain compliance with the minimum bid price requirement
You are wrong!!! They are not giving away anything! If you own stock in the company and you feel that way you better sell now!
I totally disagree! If they were giving the stock away, I would agree but they are going to receive twenty million dollars, that is not dilution!
Under the rights offering, Cytori has distributed one non-transferable subscription right for each share of common stock held on the previously announced record date of May 20, 2016. Each right entitles the holder to purchase one unit at the subscription price of $2.90 per unit, composed of one share of common stock and 0.5 of a warrant, with each whole warrant exercisable to purchase one share of common stock at an exercise price of $3.48 per share for 30 months from the date of issuance. Cytori has applied to list the warrants on NASDAQ, although there is no assurance that a sufficient number of subscription rights will be exercised so that the warrants will meet the minimum listing criteria to be accepted for listing on NASDAQ under the symbol "CTYXW." The warrants may be redeemed by Cytori prior to their expiration if Cytori's common stock closes above $8.70 per share for 10 consecutive trading days. The subscription rights are non-transferrable and may only be exercised during the anticipated subscription period commencing today through 5:00 PM ET on Thursday, June 9, 2016, unless extended. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission.