Raises $22.5M to Meet Projected Working Capital Needs Through 2023 announced that it has closed total funding of approximately $22,500,000 before fees, commissions and expenses.

Funding raised:

  • approximately $9,200,000 through the issuance of senior secured convertible promissory notes (the “Notes”) to certain Accredited Investors (collectively, the “Purchasers”), most of whom have previously invested in, including several board members and management team. The Notes are convertible into common shares of at the option of purchasers at any time, at a conversion price of $3.70;
  • approximately $3,000,000 through the sale of common shares to a new investor at a price of $3.03 per share as well as approximately $300,000 of common shares sold to certain members of authID’s management team. ai at a price of $3.70 per share (the “Other Shares”); and
  • $10,000,000 in borrowing capacity under an unsecured standby line of credit (the “Credit Facility”) with an existing major investor.

With these additional financings in place, based on the budget recently approved by the Board of Directors, management believes that the company will have positive cash flow on a current basis from 2024.

“I am pleased that we have completed this $22.5 million financing round which will support our projected working capital needs through 2023,” said CEO Tom Thimot. “I would like to thank our new and existing investors for this funding, which represents a vote of confidence in our future and provides us with the resources to continue to deliver innovative technology that helps build a safer digital landscape for all,” said concluded Thimot.

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