Here’s to why NXT-ID Inc. (NXTD) stock plunged during premarket

NXT-ID Inc. (NASDAQ: NXTD) stock gained by 11.65% at last close whereas the NXTD stock price declines by 3.96% in the premarket trading session. NXT-ID creates a linked care platform by combining personal emergency response systems (PERS), health communications devices, and IoT technology.


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NXTD stock’ Current Development

The company announced that it has received a contract by the United States General Services Administration (GSA) to sell its personal emergency response systems (PERS) to federal, state, and local government buyers starting in Q3 2021. NXT-ID will now be able to immediately deliver its life-saving technology to sustainable partners like the Veterans Health Administration and other government organisations, allowing more individuals to feel safe and secure at a low cost.

Every day in the United States, 10,000 individuals turn 65, and the proportion of older adults will increase over the next several decades, accounting for more than 23% of the population by 2050. Many individuals desire to age gracefully and live independently at home for as long as feasible, thus PERS will continue to play an important role.

The CEO Chia-Lin Simmons commented that,

The company’s major mission is to take help of their proprietary technology to enable elders and many others whom they serve live better lives in the most cost-effective way possible. Their products allow those who require special care to live in peace, ensuring that if they require assistance, the company will be there for them. They’re ecstatic to have been granted this contract by the General Services Administration. These agreements are difficult to acquire, but with this partnership, they will be able to deliver their goods and services to additional federal agencies, states, and state municipalities, allowing them to serve a larger number of people.

Furthermore,

For so many years, NXT-ID along with its subsidiary LogicMark have collaborated with the Veterans Health Administration (VHA), the country’s biggest integrated health care system, to give free life-saving gadgets to veterans from thousands of healthcare institutions around the country. Now, owing to their new deal with the GSA, the firm will be able to supply its care technology to additional federal agencies as well as some of the major state governments, like the state of Florida, allowing them to reach out to even more individuals who require it.

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