T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID) (dba Trust Stamp) revealed that it has struck a securities purchase agreement with a single institutional investor to buy 1,573,330 shares of common stock in a registered direct offering priced at-the-market.
In a coinciding private placement, the Atlanta-based global provider of artificial intelligence powered identity services, also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 1,573,330 shares of common stock.
The combined effective offering price for each share of common stock and accompanying warrant is $3.30. The warrants will be immediately exercisable, will expire five years from the issuance date and will have an exercise price of $3.30 per share, according to the company.
Trust Stamp noted that the gross proceeds from the registered direct offering and parallel private placement are estimated to be roughly $5.2 million before deducting the placement agent’s fees and other offering expenses payable by the company.
The offering is expected to close on or about April 18, 2023, said the company.
Maxim Group LLC is acting as the sole placement agent in connection with the offering.
Trust Stamp’s technology empowers organizations with advanced biometric identity solutions that reduce fraud and protect personal data privacy. The company is located in nine countries across Europe, North America, Asia, and Africa.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive