Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Cecil N. Smith III departed as President and Chief Technology Officer at authID Inc..
- Action
- ceased employment
- Role
- President and Chief Technology Officer
Exact text from the filing
On February 15, 2023 Cecil N. Smith III ceased to be an employee, and the President and Chief Technology Officer of the Company pursuant to the Labor Reduction Plan.
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Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.95
authID Inc. announced a restructuring with charges of Costs associated with exit or disposal activities; one-time termination benefits affecting United States based operations (up to 15 of the Company's 21 United States based employees be terminated; 11 employees have already been given notice).
- Type
- restructuring
- Charge
- Costs associated with exit or disposal activities; one-time termination benefits
- Affected area
- United States based operations
- Headcount
- up to 15 of the Company's 21 United States based employees be terminated; 11 employees have already been given notice
Exact text from the filing
On February 14, 2023, the Board of Directors of authID Inc. (the “Company”) resolved to implement a revised budget for 2023 in order to reduce expenses and cash requirements and as part of such revised budget decided to re-balance staffing levels to better align with the evolving needs of the Company (the “Labor Reduction Plan”). Under the Labor Reduction Plan the Company intends that up to 15 of the Company’s 21 United States based employees be terminated 11 employees have already been given notice of their termination and the remainder may be terminated over the next several months. The Company has also given termination notice to certain vendors and contractors that provide services to the Company. The Company estimates that it will be incurring costs (in consideration of releases) in the range of $0.5 million to $1.1 million in connection with the Labor Reduction Plan, which are primarily one-time termination benefits and which will result in cash expenditures by the Company in tha
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