authID raises ~$8.4M equity and exchanges notes for 19M shares; regains Nasdaq equity compliance

authID Inc.

Sold 17.9M shares (8.98M registered + 8.90M PIPE) at $0.458/share for ~$8.4M gross proceeds.
Issued 19.0M shares to Convertible Note holders at ~$0.472/share in exchange for cancellation of notes.
CEO and four directors participated; Garchik's $900k promissory note cancelled via share offset.
Company believes it regained compliance with Nasdaq minimum $2.5M stockholders' equity requirement.
Madison Global Partners placed the offering for 7% cash fee and warrants to buy 1.25M shares.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

authID Inc. entered into Securities Purchase Agreement with accredited investors valued at Company issuing shares to Purchasers (effective 2023-05-23).

Action: entry
Agreement: equity purchase
Counterparty: accredited investors
Value: Company issuing shares to Purchasers
Effective: 2023-05-23

Exact text from the filing

EX-10.1 3 ea179371ex10-1_authidinc.htm FORM OF SECURITIES PURCHASE AGREEMENT, DATED AS OF MAY 23, 2023, BETWEEN THE COMPANY AND ACCREDITED INVESTORS

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authID Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-043563

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