authID Completes $2,100,000 Registered Direct Offering
In a significant move, authID Inc. (NASDAQ: AUID), a pioneer in biometric identity verification and authentication solutions, has successfully concluded a registered direct offering. This follows a definitive agreement with a group of investors led by Kyle Wool, allowing the company to sell 373,060 shares at a set purchase price of $5.60 each. The offering aims to raise approximately $2,100,000 prior to the deduction of fees and other expenses associated with the offering.
Details of the Offering
The registered direct offering closed successfully, fulfilling all necessary conditions for completion. Prominent financial institutions, Dominari Securities LLC and Madison Global Partners, LLC, acted as Co-Placement Agents for this offering. This strategic approach reflects the company's commitment to fostering partnerships that enhance financial stability and capital access.
Utilization of Proceeds
authID plans to apply the net proceeds from this offering towards working capital and general corporate initiatives. This financial boost will support the advancements in their patented biometric identity platform, ensuring that they remain at the forefront of identity verification technology.
About authID and Its Innovations
authID, trading under NASDAQ: AUID, prides itself on ensuring that businesses can confidently verify the identities behind every customer or employee login and transaction. Their state-of-the-art biometric identity platform boasts an impressive biometric identity proofing speed of 700ms and authentication in just 25ms. What sets authID apart is its innovative PrivacyKey Solution, ensuring a 1-in-a-billion false match rate while maintaining privacy by storing no biometric data. This capability positions authID as a frontrunner in combating fraud during account onboarding, blocking deepfakes, and preventing account takeovers, thereby eliminating the risks and costs associated with passwords.
Contact Information for Media and Investors
For media inquiries, you can reach out to NextTech Communications, Walter Fowler, at 1-631-334-3864 or at wfowler@nexttechcomms.com. Investors can contact the investor relations team at Investor-Relations@authid.ai for further information.
Frequently Asked Questions
What was the amount raised in the recent offering?
authID raised approximately $2,100,000 from its registered direct offering.
Who acted as placement agents for the offering?
Dominari Securities LLC and Madison Global Partners, LLC were the Co-Placement Agents for the offering.
How does authID's technology benefit businesses?
authID's technology helps businesses ensure identity verification during logins and transactions, reducing fraud risks and streamlining processes.
What will authID do with the proceeds from the offering?
The proceeds will be used for working capital and general corporate purposes to support its identity solutions.
Where can I find more information about authID?
Additional details about authID's offerings and solutions can be found on their website, authid.ai.
