Business
Trust Stamp Oversubscribes $5M Public Offering in Pursuit of Nasdaq Uplisting, and Files a 1-U Report with the SEC
ATLANTA, GA / ACCESSWIRE / November 22, 2021 / Trust Stamp (OTCQX:IDAI, Euronext Growth:AIID ID), a global provider of AI-powered trust & identity services
About this update from T Stamp Inc.
[{"type":"text","content":"ATLANTA, GA / ACCESSWIRE / November 22, 2021 / Trust Stamp (OTCQX:IDAI, Euronext Growth:AIID ID), a global provider of AI-powered trust & identity services used across multiple sectors, has stopped soliciting new investments for its Regulation CF offering at 11:59 PT on November 19, after receiving in excess of $14.9M in signed subscription agreements for the Regulation CF offering.As the offering is over-subscribed, completed subscription applications will be closed in the order of their funding until total closings reach the $5M round cap. Excess subscriptions will be refunded and placed on a list to be notified of future investment opportunities. Applicants that were not successful in investing in one or other of the offerings are able to purchase stock in the open market via the OTCQX Best Market (OTCQX: IDAI), or the Euronext Growth Market (Euronext Growth: AIID ID).Based upon the successful raise, the Company has initiated a PCAOB audit update and submitted a draft Regulation-A offering statement to the SEC for comments. Upon completion of the audit, and qualification of the final offering statement by the SEC, the company will request uplisting to the Nasdaq Capital Market.Trust Stamp CEO Gareth Genner comments: \"Shareholders that invested in our oversubscribed Series A funding round at a $25M pre-money valuation have signed up again over 800 times to participate in either the Regulation CF or our parallel Regulation D offerings, and we truly appreciate their continued support. We are also thrilled to welcome new mission-aligned crowdfunding investors to join us in our goal of delivering privacy-preserving identity solutions to empower access and protect data for individuals and organizations around the world.\"Following the Company's April 2021 application to list on the Nasdaq Capital Market, a number of steps (including this offering) have been taken to meet quantitative requirements to seek uplisting to Nasdaq. The Company executed a 5:1 stock split in August 2020, which served the purpose of increasing the OTCQX trading volume for the company's shares, and has recently welcomed two new Independent Non-Executive Board Directors with appointments effective on December 1st, to bring its board committee composition in line with Nasdaq requirements.Satisfying qualitative and quantitative standards for Nasdaq cannot be gu...