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authID.ai converts $6.4M of debt into equity

Roughly 1.1 million shares of Common Stock issued to Noteholders
authID.ai converts $6.4M of debt into equity

Fresh off a rebrand to emphasize its biometric passwordless authentication focus, authID.ai announced that roughly $6.4 million of indebtedness was converted into equity by the firm’s noteholders.

authID.ai received on June 30 the notices of conversion from the holders of Convertible Notes issued in 2019 and 2020. The holders voluntarily chose to convert their principal and interest into fully paid shares of Common Stock, following the terms and conditions outlined in the notes.

Following the move, around 1.1 million shares of Common Stock were issued to the Noteholders.

“The note conversions represent an important milestone for authID.ai,” said authID.ai CEO Tom Thimot, commenting on the news.

The news comes after a large rebranding operation for the company, which changed its name from Ipsidy in June.

“We greatly appreciate the tremendous support of our investors and the confidence that they have shown in the direction the company is headed, by virtue of the voluntary conversion they have undertaken,” Thimot added.

Starting July 13, 2021, authID.ai shares will also trade under the new ticker symbol ‘AUID,’ replacing the current ‘IDTY’ denomination.

The company has recently also filed paperwork with the U.S. Securities and Exchange Commission in order to raise $24 million in its initial offering to the Nasdaq.

And last month, authID.ai appointed new board members to strengthen the company’s industry experience and foster the development of digital identity solutions around the world.

Enterprise software provider BPSmart selected the company’s cloud-based biometric identity verification and multi-factor authentication in May.

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