authID looks to raise $4M in private placement as challenging transition continues

authID is looking to raise $4 million less expenses in bridge loan financing for “working capital and general corporate purposes.”

Subscriptions to date get authID close to $3.5 million for the planned private placement, from warrants for shares of common stock with a $1.50 exercise price. Investors have six months to exercise the warrants, and will receive a fee in lie of interest.  Fee shares are priced at $1.00, or the Nasdaq Consolidated Closing Bid Price for company directors.

authID stock is hovering around $1.20 per share in Friday trading.

The company raised $3.7 million in November to buy time amid a transition in focus from biometrics development to commercialization. Madison Global Partners, LLC is advising the company as it transitions.

Article Topics

authID  |  biometrics  |  digital identity  |  stocks