Business
authID Announces Closing of $11,000,000 Million Registered Direct Offering
DENVER, June 27, 2024 (GLOBE NEWSWIRE) -- authID Inc. (NASDAQ: AUID) (“authID” or the “Company”), a leading provider of innovative biometric identity
About this update from Authid Inc.
[{"type":"text","content":"DENVER, June 27, 2024 (GLOBE NEWSWIRE) -- authID Inc. (NASDAQ: AUID) (“authID” or the “Company”), a leading provider of innovative biometric identity verification and authentication solutions, today announced it has closed its previously announced registered direct offering (the “Registered Direct Offering”) with investors to sell 1,464,965 shares of its common stock (the “Shares”). The purchase price for one Share was $7.50 (however, the purchase price for one share if the investor was a director of the Company was $8.16). The aggregate gross proceeds from the Registered Direct Offering were $11,000,000 million before deducting placement agent fees and other estimated offering expenses. Madison Global Partners, LLC, acted as sole placement agent for the offering. authID has earmarked the net proceeds for a number of initiatives. These include expanding sales and operations to gain greater traction in those newer industries where it has recently acquired accounts. authID also plans to grow its customer success team to handle accelerated numbers of clients requiring support in going live on the authID platform. “I am extremely proud of the significant progress authID has made over the past year. We assembled a new team of biometric authentication experts, increased our market capitalization by 10x, executed on 12x sales bookings growth compared to 2022, and commenced a path towards strong revenue growth,” said Rhon Daguro, CEO of authID. “This fund raise is a tremendous sign of confidence in our mission that will help us continue to deliver game changing innovation and advance our market momentum.” The Shares offered in the Registered Direct Offering are being offered by the Company pursuant to a shelf registration statement (Registration No. 333-260641) filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on November 10, 2021. The offering is being made only by means of a prospectus supplement and accompanying prospectus. A prospectus supplement and accompanying prospectus relating to the Registered Direct Offering has been filed with the SEC and, when available, may be obtained for free on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the Registered Direct offering may be obtained by contact...