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DENVER, April 02, 2025 (GLOBE NEWSWIRE) -- authID Inc. (NASDAQ: AUID) (“authID” or the “Company”), a leading provider of biometric identity verification and authentication solutions, today announced it has closed its previously announced transaction with investors to sell 1,811,120 shares of its common stock (the “Shares”) and/or Pre-Funded Warrants (the “Pre-Funded Warrants”) pursuant to a registered direct offering (the “Registered Direct Offering”). The purchase price for one Share or Pre-Funded Warrant was $4.50 (each Pre-Funded Warrant will be exercisable into one share of common stock). The aggregate gross proceeds from the Offering were $8,150,000 before deducting placement agent fees and other offering expenses.
Dominari Securities LLC and Madison Global Partners, LLC, acted as Co-Placement Agents for the offering.
In connection with the closing of this Registered Direct Offering, an Advisory Board was created, comprising of Mr. Eric Swider and Mr. Donald Nitti; each having extensive experience in different industry and government sectors where authID’s biometric identity solutions can address critical needs.
“In the last eighteen months, authID has educated the market to the point where customers no longer ask what biometric authentication is, but rather how it can transform their business,” said Rhon Daguro, CEO of authID. “Concerns over privacy and the advanced aspects of biometrics were an early obstacle, but now our clients are applying our technology to new challenges, expanding our footprint. This next exciting phase of our journey has been made possible by our foundational partners, David Lerner and Madison Global Partners, who have guided us over the years and were instrumental in this offering. As we look to our future, we also welcome our new partners, Kyle Wool and Dominari Holdings, as well as our new expert advisors, Eric Swider and Donald Nitti.”
authID intends to use the net proceeds for working capital and general corporate purposes.
The Shares offered in the Registered Direct Offering are being offered by the Company pursuant to a shelf registration statement (Registration No. 333-283580) filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on December 13, 2024. The offering is being made only by means of a prospectus supplement and accompanying prospectus. A prospectus supplement and accompanying prospectus relating to the Registered Direct Offering has been filed with the SEC and may be obtained for free on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the Registered Direct offering may be obtained by contacting Madison Global Partners, LLC, Attention: David S. Kaplan, 350 Motor Parkway, Suite 205, Hauppauge, NY 11788, by email at info@madisonglobalpartners.com, or by telephone at (646) 690-0330.