Business
authID Announces Pricing of Approximately $11,000,000 Million Registered Direct Offering
DENVER, June 25, 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 25, 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 entered into a definitive agreement with investors to sell 1,464,965 shares of its common stock (the “Shares”), pursuant to a registered direct offering (the “Registered Direct Offering”). The purchase price for one Share will be $7.50 (however, if the Purchaser is a director of the Company, the Per Share Purchase Price will be $8.16). The aggregate gross proceeds from the Registered Direct Offering are expected to be approximately $11,000,000 million before deducting placement agent fees and other estimated offering expenses. The closing of the Registered Direct Offering is expected to occur on or about June 27, 2024, subject to the satisfaction of customary closing conditions. 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. “We’re excited for the opportunity to continue our path to growth and create value for our customers, employees, and shareholders,” said Rhon Daguro, CEO of authID. “This event was truly an exercise in teamwork. The funds invested will allow us to be laser focused on growing the business.” 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 will be 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 contac...