secwatch.observer — SEC 8-K summary
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Issuer:     authID Inc. (AUID)
CIK:        0001534154
Form:       8-K
Filed at:   2023-03-10T23:59:59+00:00
Accession:  0001213900-23-018987
Event type: leadership
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 5.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

authID closes $3.6M financing with investor Garchik; CEO Thimot to resign by April, four new directors appointed
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1534154/000121390023018987/0001213900-23-018987-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1534154/000121390023018987/ea174977-8k_authid.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-018987

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer