Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) announced that it received in excess of $14.9 million in signed subscription agreements for the Regulation CF offering —a type of offering allowing private companies to raise up to $5 million in the US. The company said it had stopped soliciting new investments on November 19, following the excess amount raised.
The Atlanta-based company said that as the offering is over-subscribed, completed subscription applications will be closed in the order of their funding until total closings reach the $5 million round cap.
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"Shareholders that invested in our oversubscribed Series A funding round at a $25M pre-money valuation have signed up again over 800 times to participate in either the Regulation CF or our parallel Regulation D offerings, and we truly appreciate their continued support,” said Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) CEO Gareth Genner in a statement.
He added: “We are also thrilled to welcome new mission-aligned crowdfunding investors to join us in our goal of delivering privacy-preserving identity solutions to empower access and protect data for individuals and organizations around the world."
Based upon the successful raise, the company has initiated a PCAOB audit update and submitted a draft Regulation-A offering statement to the Securities Exchange Commission (SEC) for comments. Upon completion of the audit, and qualification of the final offering statement by the SEC, the company will request uplisting to the Nasdaq Capital Market.
Excess subscriptions will be refunded and placed on a list to be notified of future investment opportunities. Applicants that were not successful in investing in one or other of the offerings are able to purchase stock in the open market via the OTCQX Best Market (OTCQX: IDAI), or the Euronext Growth Market (Euronext Growth: AIID ID), the company said in a release.
Following Trust Stamp (OTCQX:IDAI, EURONEXT:AIID)’s April 2021 application to list on the Nasdaq Capital Market, a number of steps have been taken to meet quantitative requirements to seek uplisting in the market.
The company executed a 5:1 stock split in August 2021, which served the purpose of increasing the OTCQX trading volume for the company's shares, and has recently welcomed two new independent non-executive board directors with appointments effective on December 1, 2021, to bring its board committee composition in line with Nasdaq requirements.
Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) 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. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.
Contact Ritika at ritika@proactiveinvestors.com