8-K
filed March 10, 2023, 6:59 PM ET
ticker AUID
CIK 0001534154
leadership
confidence high
sentiment neutral
materiality 0.85
authID closes $3.6M financing with investor Garchik; CEO Thimot to resign by April, four new directors appointed
authID Inc.
- Initial $900K draw from $3.6M facility; subsequent $2.7M subject to conditions, intended to fund working capital through Q1 2024.
- CEO Tom Thimot resigns effective upon appointment of successor or April 3, 2023; company in negotiations for new CEO.
- Five directors resigned: Phillip Kumnick, Philip Broenniman, Michael Gorriz, Neepa Patel, and Tom Thimot (from board).
- Four new directors appointed: Rhon Daguro, Ken Jisser, Thomas Szoke, Michael Thompson; board reduced from 8 to 7.
- Interest on initial note 15% (12% if secured); note matures March 31, 2025.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael A. Gorriz resigned as Director at authID Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Before the A&R Facility Agreement was entered into, Mr. Thimot, Phillip L. Kumnick, Philip R. Broenniman, Michael A. Gorriz and Neepa Patel (the “Retiring Directors”) tendered their resignations from the Board of Directors of the Company, to be held in escrow until the Initial Funding.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tom Thimot resigned as Director at authID Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Before the A&R Facility Agreement was entered into, Mr. Thimot, Phillip L. Kumnick, Philip R. Broenniman, Michael A. Gorriz and Neepa Patel (the “Retiring Directors”) tendered their resignations from the Board of Directors of the Company, to be held in escrow until the Initial Funding.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Neepa Patel resigned as Director at authID Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Before the A&R Facility Agreement was entered into, Mr. Thimot, Phillip L. Kumnick, Philip R. Broenniman, Michael A. Gorriz and Neepa Patel (the “Retiring Directors”) tendered their resignations from the Board of Directors of the Company, to be held in escrow until the Initial Funding.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Thompson was appointed as Director at authID Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
On March 9, 2023, the Board of Directors appointed Messrs. Daguro, Jisser, Thompson and Szoke as additional directors of the Company (the “Additional Directors”) and reduced the size of the Board of Directors from 8 directors to 7 directors, with effect from the resignations of the Retiring Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas Szoke was appointed as Director at authID Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
On March 9, 2023, the Board of Directors appointed Messrs. Daguro, Jisser, Thompson and Szoke as additional directors of the Company (the “Additional Directors”) and reduced the size of the Board of Directors from 8 directors to 7 directors, with effect from the resignations of the Retiring Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Phillip L. Kumnick resigned as Director at authID Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Before the A&R Facility Agreement was entered into, Mr. Thimot, Phillip L. Kumnick, Philip R. Broenniman, Michael A. Gorriz and Neepa Patel (the “Retiring Directors”) tendered their resignations from the Board of Directors of the Company, to be held in escrow until the Initial Funding.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Rhon Daguro was appointed as Director at authID Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
On March 9, 2023, the Board of Directors appointed Messrs. Daguro, Jisser, Thompson and Szoke as additional directors of the Company (the “Additional Directors”) and reduced the size of the Board of Directors from 8 directors to 7 directors, with effect from the resignations of the Retiring Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Philip R. Broenniman resigned as Director at authID Inc..
- Action
- resigned
- Role
- Director
Exact text from the filing
Before the A&R Facility Agreement was entered into, Mr. Thimot, Phillip L. Kumnick, Philip R. Broenniman, Michael A. Gorriz and Neepa Patel (the “Retiring Directors”) tendered their resignations from the Board of Directors of the Company, to be held in escrow until the Initial Funding.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ken Jisser was appointed as Director at authID Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
On March 9, 2023, the Board of Directors appointed Messrs. Daguro, Jisser, Thompson and Szoke as additional directors of the Company (the “Additional Directors”) and reduced the size of the Board of Directors from 8 directors to 7 directors, with effect from the resignations of the Retiring Directors.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tom Thimot resigned as Chief Executive Officer at authID Inc..
- Action
- resigned
- Role
- Chief Executive Officer
Exact text from the filing
On March 6, 2023, Mr. Thimot tendered his resignation as Chief Executive Officer to the Company, effective upon the earlier of the appointment of his successor and April 3, 2023.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.98
authID Inc. entered into Amended and Restated Facility Agreement with Stephen J. Garchik valued at $900,000 initial credit facility; $2,700,000 subsequent funding (effective 2023-03-08).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Stephen J. Garchik
- Value
- $900,000 initial credit facility; $2,700,000 subsequent funding
- Effective
- 2023-03-08
Exact text from the filing
On March 8, 2023, the Company entered into an Amended and Restated Facility Agreement with Garchik, pursuant to which the Company and Garchik amended and restated the Original Facility Agreement in its entirety (the “ A&R Facility Agreement ”), to replace the credit facility contemplated by the Original Facility Agreement with (i) an initial credit facility to the Company in an amount of $900,000 (the “ Initial Funding ”) and (ii) the parties to use their reasonable best efforts after the Initial Funding to negotiate the terms of a subsequent credit facility in the aggregate amount of $2,700,000 (the “ Subsequent Funding ”).
View on SEC.gov
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