secwatch.observer — SEC 8-K summary
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Issuer:     authID Inc. (AUID)
CIK:        0001534154
Form:       8-K
Filed at:   2023-05-26T23:59:59+00:00
Accession:  0001213900-23-043563
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1534154/000121390023043563/0001213900-23-043563-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1534154/000121390023043563/ea179371-8k_authidinc.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-043563

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