T Stamp Inc Announces NASDAQ filing, Directorate & Corporate Governance

Rhea-AI Summary

T Stamp Inc. (OTCQX:IDAI) announces its application to up-list to the NASDAQ Capital Market, projected for later in 2021, alongside a public offering of up to $75 million in common stock. The listing requires NASDAQ approval and a minimum raise of $4 million. CEO Gareth N Genner expressed commitment to providing liquidity and accessing capital markets for growth. The company has adopted OTCQX governance standards, restructured its board, and will comply with NASDAQ governance upon listing.

Positive

• Application to up-list to NASDAQ, providing potential for greater visibility and market access.
• Planned public offering of up to $75 million, which could strengthen the company's financial position.
• Commitment to adopt NASDAQ governance standards, indicating improved corporate governance.

Negative

• Listing contingent on raising at least $4 million, which carries financial risk.
• Change in board composition, including a significant reduction in non-executive directors, which may affect governance and oversight.

ATLANTA, GA / ACCESSWIRE / April 8, 2021 / T Stamp Inc., trading as Trust Stamp (OTCQX:IDAI, Euronext Growth: AIID ID), today announces it has filed an application to the NASDAQ Capital Market to up-list from the OTCQX Best Market.

The listing is expected to take place later in 2021 in conjunction with the Company conducting a public offering of up to $75,000,000 of common stock. The listing is subject to approval by NASDAQ and the company raising a minimum of $4,000,000 in the public offering.

Gareth N Genner, Chief Executive Officer of Trust Stamp said: "We are committed to providing liquidity options for our shareholders in parallel to accessing the capital markets to fund organic and M&A growth. NASDAQ attracts some of the largest technology companies in the world and is the preeminent global market for innovative companies such as ours. I am delighted to share this exciting news with our shareholders, our team members, and our many partners".

In conjunction with the NASDAQ filing, the company has:

• Adopted the OTCQX governance standards in replacement of the QCA Corporate Governance Code and committed to following the NASDAQ governance standards upon listing on NASDAQ.
• Restructured its board to comprise six of the existing board members, in line with the requirements of the OTCQX governance standards, with two additional independent non-executive directors to be appointed to meet NASDAQ governance standards. The continuing board members are:

David Story, Chair

Mark Birschbach, Independent Non-Executive Director

William McClintock, Independent Non-Executive Director

Gareth N Genner, CEO

Andrew Gowasack, President

Joshua Allen, Director

• Effective immediately, three non-executive directors, Sarah-Jill Lennard, Billy D'Arcy, and Jane Karwoski McCracken cease to serve on the Corporate Board and are transferring to the Advisory Board. Stacia Hylton has also ceased to serve on the Corporate Board.

Further details of the OTCQX governance standards and changes to the composition and terms of reference to Board committees will be published on the Company's website (Investors | Trust Stamp) shortly.

Enquiries

Trust Stamp Tel: +356 27112981

Gareth Genner, Chief Executive Officer

Nisha Naik, Executive VP of Communications

Davy (Euronext Growth Advisor) Tel: +353 1 679 6363

Fergal Meegan / Barry Murphy

Powerscourt (Financial Public Relations) Tel: +353 87 236 5973

Eavan Gannon Email: Truststamp@powerscourt-group.com

About Trust Stamp

Trust Stamp is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organisations with biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

Located in six countries across North America, Europe and Asia, Trust Stamp trades on the OTCQX Best Market (OTCQX: IDAI) and is listed on Euronext Growth in Dublin (Euronext Growth: AIID ID). Founded in 2016 by Gareth Genner and Andrew Gowasack, the company now employs over 60 people with flagship customers including Mastercard International and FIS.

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SOURCE: T Stamp Inc

View source version on accesswire.com:
https://www.accesswire.com/639443/T-Stamp-Inc-Announces-NASDAQ-filing-Directorate-Corporate-Governance

FAQ

What is T Stamp Inc's stock symbol and market listing?

T Stamp Inc. trades under the stock symbol IDAI on the OTCQX Best Market and AIID ID on Euronext Growth.

When does T Stamp Inc. plan to up-list to NASDAQ?

T Stamp Inc. plans to up-list to NASDAQ later in 2021, pending approval.

How much money does T Stamp Inc. aim to raise in its public offering?

T Stamp Inc. aims to raise up to $75 million in its public offering.

What are the governance changes at T Stamp Inc. related to the NASDAQ filing?

T Stamp Inc. adopted OTCQX governance standards and plans to comply with NASDAQ governance standards upon listing.