authID Completes Successful $8.15 Million Direct Offering Bid
authID Undertakes Significant Direct Offering
authID Inc. (NASDAQ: AUID), based in Denver, has made headlines with its latest move to close a registered direct offering that raised $8.15 million. This initiative involved the selling of 1,811,120 shares along with Pre-Funded Warrants, each priced at $4.50. The funds generated will be directed towards working capital and broader corporate activities.
Support from Industry Experts
The success of this offering owes much to the efforts of Dominari Securities LLC and Madison Global Partners, who served as the Co-Placement Agents for the transaction. Their industry knowledge and connections played a crucial role in facilitating this capital raise, enabling authID to solidify its operations further.
Creation of a New Advisory Board
As part of this offering, authID has announced the formation of an Advisory Board, welcoming seasoned professionals like Eric Swider and Donald Nitti. Both bring a wealth of experience from diverse sectors and are expected to bolster authID’s strategy in employing its biometric solutions to meet critical demands in various industries.
Transforming Business with Biometric Solutions
Rhon Daguro, the CEO of authID, expressed that the company has significantly shifted market perceptions regarding biometric authentication over the last year and a half. Clients are now actively exploring how such solutions can revolutionize their service delivery, which highlights authID’s important role in this transformative journey. The shift from skepticism towards acceptance underscores a growing acknowledgment of the need for robust identity verification methods.
Strategic Use of Proceeds
The net proceeds from this offering are set to support ongoing operational needs and strategic investments in technology that enhance user experiences. The company aims to leverage its innovative offerings to prevent identity fraud and fortify defenses against cyberattacks, ensuring that both businesses and consumers can navigate digital interactions securely.
About authID Inc.
authID, publicly traded under the ticker AUID, focuses on ensuring that businesses know exactly who is accessing their systems and accounts. The company’s sophisticated biometric identity platform provides swift biometric proofing and authentication, aiming to protect against a growing range of digital threats. Its technology is capable of performing identity checks in just 700 milliseconds while assuring users of safety through a highly accurate 1-to-1 billion false match rate, all without storing sensitive biometric data.
A Bright Future Ahead
Looking forward, authID is enthusiastic about new partnerships cultivated through the latest offering. The valuable relationships formed with industry leaders are expected to propel the growth of authID’s biometric solutions further, setting the stage for exciting developments in the coming times.
Commitment to Security
As businesses face an increasingly sophisticated landscape of identity threats, authID remains dedicated to delivering cutting-edge solutions that address these issues effectively. The company's continued commitment to innovation positions it as a vital player in protecting identities and enhancing transaction security in the digital age.
Frequently Asked Questions
What was the primary goal of the $8.15 million offering by authID?
The offering aimed to raise funds for working capital and general corporate purposes, which will help further develop authID's biometric solutions.
Who were the Co-Placement Agents for this offering?
Dominari Securities LLC and Madison Global Partners LLC acted as the Co-Placement Agents for the registered direct offering.
What does the newly formed Advisory Board aim to achieve?
The Advisory Board consists of experienced individuals who will guide authID in leveraging its biometric solutions to meet market demands in various sectors.
How does authID ensure the security of biometric data?
authID operates a system that does not store biometric data, thus minimizing risks associated with identity theft while ensuring high accuracy in identity verification.
What advantages does authID provide for customer login and transactions?
authID’s platform enables rapid biometric identity proofing and authentication, enhancing user experience by ensuring security without compromising speed.
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