authID.ai, Formerly Ipsidy, Announces Conversion of $6.4 million of Debt into Equity

Rhea-AI Summary

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.

Positive

• Voluntary conversion of $6.4 million of indebtedness into equity shows strong investor confidence.
• Approximately 1.1 million shares of Common Stock issued, improving capital structure.

Negative

• None.

Denver, CO, July 06, 2021 (GLOBE NEWSWIRE) -- authID.ai (www.authid.ai) (formerly Ipsidy) [OTCQB:IDTYD], a leading provider of secure, mobile, biometric identity verification solutions, today announces that approximately $6.4 million of indebtedness was voluntarily converted into equity by the Company’s noteholders.

As of June 30, 2021 the Company had received notices of conversion from the holders of Convertible Notes (“Notes”) issued in 2019 and 2020, voluntarily opting to convert their principal and interest into fully paid shares of Common Stock, in accordance with the terms of the various Notes. As a result, approximately 1.1 million shares of Common Stock were issued to the Noteholders.

“The note conversions represent an important milestone for authID.ai,” said Tom Thimot CEO of authID.ai. “We greatly appreciate the tremendous support of our investors and the confidence that they have shown in the direction the Company is headed, by virtue of the voluntary conversion they have undertaken.”

NOTE: As of July 13, 2021, authID.ai shares will trade under the new ticker symbol “AUID”

About authID.ai:

authID.ai (Ipsidy Inc.) (OTCQB:IDTYD) (www.authID.ai). Recognise Your Customer™. Our mission is to eliminate all passwords, and to be the preferred global platform for biometric identity authentication. The authID.ai Identity as a Service (IDaaS) platform delivers a suite of biometric identity proofing and authentication solutions that establish security and trust in today’s digital world. Our vision is to enable every organization to “Recognise Your Customer” instantly, without friction or loss of privacy, powered by the most sophisticated biometric and artificial intelligence technologies.

authID.ai is headquartered in the United States and has operating subsidiaries: MultiPay in Colombia, www.multipay.com.co; Cards Plus in South Africa, www.cardsplus.co.za; Ipsidy Enterprises in the U.K. and Ipsidy Perú S.A.C. Further information on authID.ai can be found at www.authID.ai or contact us at sales@authID.ai.

Contacts:

Phillip L. Kumnick, Chairman	phillipkumnick@authID.ai
Tom Thimot, Chief Executive Officer	tomthimot@authID.ai

Media:

Emily Porro
Senior Vice President
Makovsky
eporro@makovsky.com

FAQ

What does the recent press release from authID.ai reveal about their financial status?

The press release indicates that authID.ai converted $6.4 million in debt into equity, reflecting positive investor confidence.

How many shares were issued to noteholders following the conversion?

Approximately 1.1 million shares of Common Stock were issued to the noteholders.

When will authID.ai change its ticker symbol?

authID.ai will change its ticker symbol to 'AUID' on July 13, 2021.

What is the significance of the note conversion for authID.ai?

The note conversion is deemed an important milestone by the CEO, signaling strong support from investors.