authID Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

authID Inc. (Nasdaq: AUID), a provider of secure identity verification and authentication solutions, has announced the approval of inducement grants for new employees by its Compensation Committee. The grants, made in accordance with Nasdaq Listing Rule 5635(c)(4), include:

- Options to purchase 15,000 shares at $6.29
- Options to purchase 15,000 shares at $6.00
- Options to purchase 25,000 shares at $6.66

Additionally, the company has agreed to grant options to purchase 15,000 shares to a new employee expected to join soon. All options will vest over three years in 36 equal monthly installments, subject to continued employment, with a 10-year term.

Positive

• Inducement grants may help attract and retain talented employees
• Vesting period of 3 years encourages long-term employee commitment

Negative

• Potential dilution of existing shareholders' equity due to new stock options

Denver, Oct. 15, 2024 (GLOBE NEWSWIRE) -- authID Inc. (Nasdaq: AUID), a leading provider of secure identity verification and authentication solutions, today announced that the Compensation Committee of the Company approved the grant of options as an inducement to new employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

During the period from September 30, through today the Company has granted Options to purchase 15,000, 15,000 and 25,000 Shares respectively to three new employees. The Exercise Prices are $6.29, $6.00 and $6.66 respectively.  The Company has also agreed to a further grant of Options to purchase 15,000 to a new employee who is expected to commence employment shortly.  The exercise price for the future Options shall be the closing price of the AUID shares on the Nasdaq stock market on the date of grant.   All Options will vest in 36 equal amounts, on a monthly basis, over a period of three years, subject to continued employment, with a term of 10 years. 

About authID

authID (Nasdaq: AUID) ensures 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 and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover at www.authID.ai.

Investor Relations Contacts

Gateway Group, Inc.
Cody Slach and Alex Thompson
1-949-574-3860
AUID@gateway-grp.com

Investor-Relations@authid.ai

Media Contact
Walter Fowler
NextTech Communications
1-631-334-3864
wfowler@nexttechcomms.com

FAQ

What inducement grants did authID (AUID) announce on October 15, 2024?

authID announced options grants to purchase 15,000, 15,000, and 25,000 shares for three new employees, with exercise prices of $6.29, $6.00, and $6.66 respectively. They also agreed to grant options for 15,000 shares to an upcoming employee.

How will the stock options granted by authID (AUID) vest?

The stock options will vest in 36 equal monthly installments over a period of three years, subject to continued employment. They have a term of 10 years.

What is the purpose of the inducement grants announced by authID (AUID)?

The inducement grants are designed to attract and retain new employees entering into employment with authID, in accordance with Nasdaq Listing Rule 5635(c)(4).

When were the inducement grants approved by authID (AUID)?

The inducement grants were approved by authID's Compensation Committee during the period from September 30, 2024, through October 15, 2024.