As per Nxt-ID, the spin-off is now planned to be completed in Q1 of 2019. The proposal was initially announced in September 2018, with Nxt-ID committing to invest USD 6 million in the new company. This will include the assets Nxt-ID acquired when it merged with Fit Pay, and the current goal is for the new company to apply for a listing on the NASDAQ exchange.
The company explained that the reason for the delay in completing the transaction is that they were unable to come to terms with their primary lender regarding the release of their security interest in assets. They also commented that they are currently working with a number of other lenders to replace the existing facility to remove the security interest. Nxt-ID will announce a new record date of the timing to complete the transaction and to receive various regulatory approvals.
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