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authID.ai announced a public offering of 1,428,571 shares at $7.00 each, aiming for gross proceeds of approximately $10 million, closing on August 26, 2021. The company has been approved to list on Nasdaq under the symbol AUID, trading from August 24, 2021. Proceeds will fund software and AI development, enhance sales and marketing efforts, and support working capital. ThinkEquity is the sole book-running manager. The SEC declared effective a registration statement on August 23, 2021, with a final prospectus to follow.
authID.AI (OTCQB:AUID) released its Q2 2021 results, revealing a revenue increase to $0.6 million compared to $0.3 million in Q2 2020. Total revenue for the first half of 2021 reached $1.2 million, slightly up from $1.1 million in 2020. The company reduced its net loss by 12% in Q2 to $3.1 million, and by 24% in the first half to $5.5 million. Following a 1-for-30 reverse stock split, authID continues to expand its channel partner network, enhancing biometric identity solutions across various sectors, including finance and healthcare.
authID.ai (OTCQB:IDTYD) announced the voluntary conversion of approximately $6.4 million of indebtedness into equity by its noteholders. This conversion, involving about 1.1 million shares of Common Stock, reflects investor confidence in the company's direction as of June 30, 2021. CEO Tom Thimot emphasized the milestone importance of this conversion. Starting July 13, 2021, shares will trade under the new ticker symbol "AUID". authID.ai provides secure biometric identity verification solutions aimed at eliminating passwords.
authID.ai (OTCQB:IDTYD) announced the addition of four recognized leaders in digital transformation to its Board of Directors. This strategic move aims to bolster the Company's industry experience and enhance its technological offerings. The new directors include Dr. Michael Gorriz, Michael Koehneman, Sanjay Puri, and Jacqueline White, who bring extensive expertise from notable firms like Standard Chartered Bank and PricewaterhouseCoopers. Under the leadership of newly appointed CEO Tom Thimot, authID.ai seeks to expand its biometric identity verification solutions and strengthen its business pipeline.
authID.ai (formerly Ipsidy) has announced significant strategic updates, including new executive leadership with Tom Thimot as CEO and Tripp Smith as President and CTO. The company is rebranding as authID.ai to better reflect its mission in biometric identity authentication. Additionally, authID.ai will move its headquarters to Denver, Colorado, and enhance its Identity as a Service (IDaaS) platform with more artificial intelligence features. A strengthened Board of Directors will provide guidance for future growth, with new members bringing extensive industry experience.
