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Ipsidy Inc. has announced a 1-for-30 reverse stock split effective June 14, 2021, following approval from stockholders on March 22, 2021. This maneuver aims to facilitate trading and pave the way for listing on a national exchange. Post-split, each 30 shares will convert into one, with shares assigned a new CUSIP number (46264C206) and a temporary ticker symbol (IDTYD) for 20 business days. No fractional shares will be issued, and investors will receive relevant details regarding their holdings soon.
On May 10, 2021, Ipsidy announced a partnership with BPSmart to integrate its biometric identity verification services into BPSmart's AI-powered chatbot platform. This collaboration aims to enhance security and prevent identity fraud while improving customer interaction. Ipsidy's Proof™ technology ensures users are verified through facial recognition, and its Verified™ solution offers multi-factor authentication. The partnership highlights the growing demand for secure digital services amidst increased identity fraud risks in sectors like banking and insurance.
Ipsidy Inc. announced its Q1 results for 2021, reporting revenues of $0.6 million, down from $0.8 million in Q1 2020, while net loss improved to $2.5 million from $3.8 million year-over-year. The adjusted EBITDA loss was $1.3 million, an improvement of $0.1 million compared to the previous year. The company highlighted new partnerships and integration initiatives, including agreements with On The Fly POS, Inetum, and BPSmart, aimed at enhancing their biometric identity verification solutions. Despite a solidified pipeline, the impact of COVID-19 continues to slow down business opportunities and decision-making.
Ipsidy Inc. (OTCQB: IDTY) has partnered with On The Fly POS to integrate its biometric identity verification solutions into On The Fly's payment platforms. This collaboration aims to enhance security and operational efficiency for merchant onboarding, utilizing Ipsidy's Proof™ technology to combat identity fraud. Additionally, the AuthentifID™ service will enable passwordless authentication, reducing support costs. The partnership targets various sectors for improved identity assurance in payment processing, amidst increasing fraud rates.
Ipsidy Inc. (OTCQB: IDTY) conducted its Annual Meeting of Shareholders on March 22, 2021. All nominated directors were re-elected, and proposed resolutions were passed. Shareholders received updates on the company’s activities from CEO Phillip Kumnick and financial results for the year ended December 31, 2020, presented by CFO Stuart Stoller. A recording of the meeting will be available for replay, along with the presentation used during the meeting.
Ipsidy reported its financial results for the year ended December 31, 2020, highlighting a total revenue of $2.1 million, down from $2.6 million in 2019, largely due to the COVID-19 pandemic. The adjusted EBITDA loss improved to $5.2 million, a decrease of 19% from the prior year. Although the net loss increased to $11.3 million, the company secured approximately $8.5 million in additional funding. Ipsidy expanded its partner network globally and introduced new biometric solutions to combat identity fraud, demonstrating resilience amid market challenges.
Ipsidy Inc. (OTCQB: IDTY) announced the filing of the Definitive Notice and Proxy Statement for its Annual Meeting of Shareholders, scheduled for March 22, 2021. Shareholders will receive voting instructions and can access meeting materials online. The proxy statement outlines critical proposals requiring majority support. The meeting will address corporate matters, including preparations for a potential uplisting to a national exchange. Shareholders are encouraged to vote, as abstentions will count against proposals. More details are available on their website.
Ipsidy Inc. (OTCQB:IDTY) expands its Identity as a Service (IDaaS) offerings with the launch of AuthentifID™, a passwordless login solution that enhances security and user verification. This service addresses major issues related to identity and financial fraud by leveraging FIDO2 authentication standards. AuthentifID incorporates Ipsidy's Proof™ mobile biometric identity verification to ensure user authenticity during registration. The collaboration with LoginID aims to provide a seamless integration for developers, enhancing enterprise security and improving user experience.
Ipsidy Inc. (OTCQB:IDTY) announced its membership with the FIDO Alliance, a coalition focused on developing secure, passwordless authentication standards. This partnership aims to enhance identity verification using biometric and cryptographic technologies, supporting FIDO’s mission to eliminate passwords. Ipsidy’s mobile identity solutions align with FIDO’s goals of providing safer and simpler authentication processes. The CEO of Ipsidy expressed enthusiasm about contributing to the development of interoperable standards for strong authentication.
