T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), dba Trust Stamp, has initiated a new financing to fund its expansion and technological advancements in the AI-powered identity verification space.
The company announced that it has entered into a securities purchase agreement with a single institutional investor for a registered direct offering to sell just over 414,000 shares of its common stock or pre-funded warrants.
In addition, Trust Stamp is conducting a concurrent private placement, issuing unregistered Series A Warrants to purchase up to 414,000 shares of common stock, and Series B Warrants to purchase around 207,000 shares of common stock.
The combined offering price for each share of common stock (or pre-funded warrant) and the accompanying Series A and Series B Warrants is set at $8.45.
Each private placement warrant will be immediately exercisable, with an exercise price of $8.45 per share, and will expire five years from the initial exercise date.
The company estimates that the gross proceeds from the registered direct offering and the concurrent private placement will total approximately $3.5 million, before deducting placement agent fees and other offering expenses.
The offering is expected to close on or around January 8.