authID.ai announces public offering and Nasdaq price
Long Beach, NY, August 23, 2021 (GLOBE NEWSWIRE) – authID.ai (www.authid.ai) (Nasdaq: AUID) (“authID” or the “Company”), a leading provider of secure, mobile and biometric identity authentication solutions, today announced the price of its public subscription offering of 1,428,571 common shares at a public offering price of $ 7.00 per share, for gross proceeds of approximately $ 10 million, before the deduction of subscription discounts, commissions and estimated offering costs. In addition, the Company has granted the underwriters a 45-day option to purchase up to 214,285 additional common shares to cover the over-allotments at the public offering price, less the subscription discount. All common shares are offered by the Company. The offer is scheduled to close on August 26, 2021, subject to the satisfaction of the usual closing conditions.
The Company has received approval to list its common shares on the Nasdaq Capital Market under the symbol “AUID” and is expected to begin trading on the Nasdaq on August 24, 2021.
The Company intends to use the proceeds to invest in software product and platform development and artificial intelligence; expand the Company’s business development and sales and marketing capabilities; and for working capital and general corporate purposes.
ThinkEquity acts as the sole book manager for the offering.
The Securities and Exchange Commission (“SEC”) declared in effect a registration statement on form S-1 (file no. 333-257453) relating to these securities on August 23, 2021. A final prospectus relating to this offering will be filed. to the Security and Trade Commission. The offering is being made only by way of a prospectus filed with the SEC. When available, copies of the prospectus relating to the offering may be obtained by contacting ThinkEquity, 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673 or by e-mail at the address [email protected]. Investors can also obtain these documents free of charge by visiting the SEC website at https://www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal before registration. or qualification under the securities laws of any such state or jurisdiction.
authID.aI (www.authid.ai) Recognize Your Customer ™. Our mission is to eliminate all passwords and be the preferred global platform for biometric identity authentication. AuthID.ai Identity as a Service (IDaaS) platform offers biometric data suite proof of identity and authentication solutions that build security and trust in today’s digital world. Our vision is to enable every organization to “recognize your customer” instantly, without friction or loss of privacy, using the most sophisticated biometric and artificial intelligence technologies.
This press release contains “forward-looking statements” which are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate”, “believe”, “contemplate”, “might”, “estimate”, “expect”, “have the intention ”,“ seek, ”“ may ”,“ could ”,“. or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on authID.ai’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events which may not prove to be accurate. These risks and uncertainties are further described in the section entitled “Risk Factors” in the final prospectus relating to the public offering filed with the Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of this date, and authID.ai assumes no obligation to update such information, except as required by applicable law.
Emily Porro, Makovsky
Douglas Hesney, Makovsky