authID.AI Inc has announced the pricing of its underwritten public offering as it prepares to list its shares on the Nasdaq Capital Market.
The biometric identity verification company, formerly known as Ipsidy Inc, said it will sell 1,428,571 shares of its common stock at a public offering price of US$7 per share, raising gross proceeds of about US$10 million, before deducting underwriting discounts, commissions and expenses associated with the offering.
The Denver-based company has also granted the underwriters a 45-day option to purchase up to an additional 214,285 shares to cover over-allotments at the public offering price, less the underwriting discount.
The offering is expected to close on August 26, 2021, subject to customary closing conditions.
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"The company intends to use the proceeds to invest in software product and platform development and artificial intelligence; to expand the company’s business development and sales and marketing capabilities; and for working capital and general corporate purposes," authID.AI said in a statement.
authID.AI said it also received approval to list its common stock on the Nasdaq under the symbol “AUID”, with trading expected to commence on August 24.
The authID.ai Identity as a Service (IDaaS) platform delivers a suite of biometric identity proofing and authentication solutions to establish security and trust in the digital world.
authID.ai is aiming to eliminate all passwords and become the preferred global platform for biometric identity authentication.
Contact the author at stephen.gunnion@proactiveinvestors.com