Nxt-ID, a major provider of healthcare technology products and services, saw its stock price drop significantly in the last month because of investor concern over its proposal to vote against Nasdaq’s delisting. Is the penny stock safe now, given that the company is struggling to remain afloat? You can read more about Nxt-ID, Inc., a technology company in development. It develops, markets, and sells solutions for payment, healthcare, and the Internet of Things. The company’s expansion into new customer segments and the extension of its products to federal and state agencies amid the growing need for telehealth solutions have helped it witness revenue growth of 14% year-over-year in the second quarter ended June 30, 2021.

However, penny stocks have declined by 75% over the past year and 38% in the month since then. Additionally, the stock’s current trading is lower than its 200-day and 50-day moving averages ($0.62 and $1.06), which indicate a downtrend.

The shares could fall further due to investors’ anxiety about the vote to reverse its stock split, which is set to occur on October 15, 2021 in order to avoid Nasdaq removal. In addition, NXTD’s poor profitability and financial instability could make matters worse.

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