Trust Stamp (OTCQX:IDAI, EURONEXT:AIID), a provider of artificial intelligence powered trust and identity services, said it has filed Form 1-A with the Securities and Exchange Commission (SEC), to qualify a Regulation A offering in which existing investors will be able to exercise warrants bought during a funding in 2021.
The Atlanta, Georgia-based company noted that the funding round happened between August 25, 2021, and January 09, 2022.
“Trust Stamp has successfully completed a combined private and public round of funding, including one of the first oversubscribed US$5 million Regulation CF offerings,” said the company, citing data from the Dalmore Group, which specializes in helping firms raise capital online at scale.
READ: Trust Stamp highlights transformational growth as it reviews 2021
Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) said each share issued in the round was paired with a warrant to purchase an additional share of Class A common stock for US$4 in the company's next Regulation A offering, resulting in the issuance of 1.37 million warrants. The offering will close at the earlier of one year from its qualification by the SEC, or Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) receiving the maximum offering amount, said the company.
The company noted that its momentum coming out of 2021 has positioned it to accelerate growth, with the capital, team, technology, clients, and prospects needed to target another record year. Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) said its growth gives it a push to execute on “strategic growth ambitions” in 2022, which include its “planned uplisting” to the tech-dominated Nasdaq from the OTC Markets.
Trust Stamp (OTCQX:IDAI, EURONEXT:AIID) CEO Gareth N Genner in his 2021 review noted that despite market conditions, the firm has achieved record growth in its intellectual property portfolio, prospect, and client base, and notably, “in our market capitalization and revenue.”
In a business milestone, Trust Stamp recently scored a $3.92 million initial contract with the US Department of Homeland Security.
The firm has completed a Public Company Accounting Oversight Board (PCAOB) audit update to meet the requirements for listing on a national exchange. This was achieved after Trust Stamp’s initial filing of a draft offering statement on November 19, 2021 and receiving a notification that the SEC will consider qualification at the company's request.
Trust Stamp aims to have its Class A common stock listed on the Nasdaq under the symbol "IDAI."
“Certification requires meeting qualitative and quantitative standards including a US$4 or higher closing bid price for the company's stock and trailing 30-day average daily trading volume of 2,000 shares or higher,” noted the company.
Trust Stamp's stock recently traded 5% higher to $3.99 a share on the OTC Markets.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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