authID INC. Announces Closing of $9.4 Million Registered Direct Offering
November 27 2023 - 12:15PM
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, 350
Motor Parkway, Suite 205, Hauppauge, NY 11788, by email
at info@madisonglobalpartners.com, or by telephone at
(646) 690-0330.
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 offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About authID Inc.
authID (Nasdaq: AUID) ensures cyber-savvy enterprises “Know
Who’s Behind the Device” for every customer or employee login and
transaction. Through its easy-to-integrate, patented, biometric
identity platform, authID quickly and accurately verifies a user’s
identity, eliminating any assumption of ‘who’ is behind a device
and preventing cybercriminals from taking over accounts. authID
combines digital onboarding, FIDO2 login, and biometric
authentication and account recovery, with a fast, accurate,
user-friendly experience – delivering identity verification in
700ms. Establishing a biometric root of trust for each user that is
bound to their accounts and provisioned devices, authID stops fraud
at onboarding, eliminates password risks and costs, and provides
the faster, frictionless, and more accurate user identity
experience demanded by operators of today’s digital ecosystems. For
more information, please visit https://www.authid.ai/.
Media Contacts
authID Media Contact Rhoniel A. Daguro, CEO
Investor-relations@authid.ai
Cautionary Statement Regarding Forward-Looking
Statements:
This Press Release includes “forward-looking
statements.” All statements other than statements of historical
facts included herein, including booked Annual Recurring Revenue
are forward-looking statements. Actual results may vary materially
from the results anticipated by these forward-looking statements as
a result of a variety of risk factors. See the Company’s Annual
Report on Form 10-K for the Fiscal Year ended December 31, 2022,
filed at www.sec.gov and other documents filed with the SEC for
risk factors which investors should consider. These forward-looking
statements speak only as to the date of this release and cannot be
relied upon as a guide to future performance. authID expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained in this
release to reflect any changes in its expectations with regard
thereto or any change in events, conditions, or circumstances on
which any statement is based.
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