T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, announced that it has entered into a securities purchase agreement with a single institutional investor to raise about $2.9 million through the sale of 1,279,700 company shares (or pre-funded warrants in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules.
In a concurrent private placement, the provider of AI-powered identity services said it also agreed to issue and sell unregistered warrants to purchase up to 1,279,700 Trust Stamp shares.
The company noted the combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant is $2.30.
It added that the warrants will be immediately exercisable, will expire five years from the issuance date and will have an exercise price of $2.30 per share.
Maxim Group LLC is acting as the sole placement agent in connection with the offering, Trust Stamp said.
The offering is expected to close on or about June 5, 2023, subject to the satisfaction of customary closing conditions.
As well, the company stated that it has also agreed that certain existing warrants to purchase up to 390,000 Trust Stamp shares that were issued to such institutional investor on September 14, 2022, at an exercise price of $8.85 per share (as adjusted), will be amended effective upon the closing of the offering so that the amended warrants will have an exercise price of $2.30.
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.
The company’s technology empowers organizations with advanced biometric identity solutions th
at reduce fraud and protect personal data privacy.
Contact Sean at sean@proactiveinvestors.com