Business
authID INC. Announces Closing of $9.4 Million Registered Direct Offering
DENVER, Nov. 27, 2023 (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, Nov. 27, 2023 (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 1,574,990 shares of its common stock (the “Shares”). The purchase price for one Share in the Registered Direct Offering was $6.00. The aggregate gross proceeds from the Registered Direct Offering were approximately $9.4 million, before deducting placement agent fees and other estimated offering expenses. “Over the last six months, we have re-written the authID story in every facet of the business,” said Rhon Daguro, CEO of authID. We strengthened our financial foundation, assembled a strong group of identity-domain experts, applied a proven sales framework to our engagements, and secured record booked sales during the recent third quarter, putting us on target to reach our goals for 2024.” “I want to thank our new and existing investors for this vote of confidence in our future. This financing helps advance authID’s mission to protect the digital ecosystem against fraud and account takeover with market-leading speed, precision, and accuracy in biometric identity solutions,” concluded Daguro. Madison Global Partners, LLC, acted as sole placement agent for the Registered Direct Offering. authID intends to use the net proceeds of the Registered Direct Offering for working capital and general corporate purposes. The Shares sold in the Registered Direct Offering were sold 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 Registered Direct Offering was 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 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 contacting Madison Global Partners, LLC, Attention: David S. Kaplan, Managing Partner,...