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Trust Stamp sells $1.5m in stock to wealth management firm

Trust Stamp sells $1.5m in stock to wealth management firm
 

Digital identity services vendor Trust Stamp announced a securities purchase agreement with an institutional investor that will see the company sell roughly $1.5 million of its common stock and warrants in a private placement.

Trust Stamp will sell wealth management firm Maxim Group one share of common stock together with warrants to buy two shares of common stock at a combined purchase price of $1.55.

The firm is expected to sell 975,000 shares of common stock and executives said they intend to purchase up to an aggregate of 1,950,000 shares of common stock.

According to an announcement on Trust Stamp’s site, the warrants will be exercisable for five years from the date of issuance, with each of them having an exercise price of $1.77 per share.

The agreement also calls for the company sign a registration rights agreement with Maxim Group. Under the agreement, Trust Stamp will file one or more registration statements with the U.S. Securities and Exchange Commission for the resale of the securities issued in the private placement.

The private placement is expected to close around September 14.

Trust Stamp did not disclose how it intends to invest the capital. It also received funding to develop its biometrically-secured Medical-Record QR Code in February.

The contract comes months after Trust Stamp received a notice of allowance for a U.S. patent on technology designed to improve biometric data privacy.

More recently, the company reported $3.53 million in net revenues in the first half of 2022, representing a 182 percent increase over the same period in 2021.

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