Trust Stamp Announces $1.5 Million Private Placement
September 12 2022 - 8:55AM
Trust Stamp (Nasdaq: IDAI, Euronext Growth: AIID ID), a global
provider of AI-powered trust and identity services used globally
across multiple sectors, today announced that it has entered into a
securities purchase agreement with a single institutional investor
to sell approximately $1.5 million of its common stock and warrants
in a private placement.
Each share of common stock is being sold
together with two warrants to purchase two shares of common stock
at a combined purchase price of $1.55. Under the terms of the
purchase agreement, Trust Stamp has agreed to sell 975,000 shares
of common stock and warrants to purchase up to an aggregate
of 1,950,000 shares of common stock. The warrants will be
exercisable for a period of five years from the date of issuance
and have an exercise price of $1.77 per share. The closing of the
private placement is expected to occur on or about September 14,
2022, subject to the satisfaction of certain customary closing
conditions set forth in the securities purchase agreement.
Maxim Group LLC is acting as the sole placement
agent for the offering.
The securities described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the “Act”) and Regulation D promulgated
thereunder and in a transaction not involving a public offering and
have not been registered under the Act or applicable state
securities laws. Accordingly, the securities may not be reoffered
or resold in the United States except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Securities Act and such applicable
state securities laws.
In connection with the private placement, Trust
Stamp entered into a registration rights agreement with the
investor, whereby the Company has agreed to file one or more
registration statements with the SEC for the resale of the
securities issued in the private placement, including the shares of
common stock underlying warrants issued in the private
placement.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Trust Stamp
Trust Stamp, is a global provider of AI-powered
identity services for use in multiple sectors including banking and
finance, regulatory compliance, government, real estate,
communications, and humanitarian services. Its technology empowers
organizations with advanced biometric identity solutions that
reduce fraud, protect personal data privacy, increase operational
efficiency, and reach a broader base of users worldwide through its
unique data transformation and comparison capabilities.
Located in seven countries across North America,
Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital
Market (Nasdaq: IDAI) and Euronext Growth in Dublin (Euronext
Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew
Gowasack, the company now employs over 100 people.
Safe Harbor Statement: Caution
Concerning Forward-Looking Remarks
All statements in this release that are not
based on historical fact are “forward-looking statements” including
within the meaning of the Private Securities Litigation Reform Act
of 1995 and the provisions of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The information in this announcement may contain
forward-looking statements and information related to, among other
things, the company, its business plan and strategy, and its
industry. These statements reflect management’s current views with
respect to future events based on information currently available
and are subject to risks and uncertainties that could cause the
company’s actual results to differ materially from those contained
in the forward-looking statements. Investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. The company does
not undertake any obligation to revise or update these
forward-looking statements to reflect events or circumstances after
such date or to reflect the occurrence of unanticipated events.
Trust Stamp
Email: Shareholders@truststamp.ai
Gareth Genner, Chief Executive
Officer
Davy (Euronext Growth
Advisor)
Tel: +353 1 679 6363
Barry Murphy
Investor
Relations
Tel: +1 212-671-1021
Crescendo
Communications
Email: idai@crescendo-ir.com
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