![]() ![]() The closing of the Registered Direct Offering and the concurrent Private Placement is expected to occur on or about May 25, 2023, and closing of the Notes Exchange is expected to begin on May 25, 2023, subject to the satisfaction of customary closing conditions. ![]() The Company also obtained consents from Holders representing more than the 66.67% of the outstanding principal amount of the Convertible Notes required to make amendments that will eliminate substantially all the restrictive covenants, and a related event of default, from the Convertible Notes. The Company will not receive any cash proceeds from the Notes Exchange. The exchange price for one Share in the Notes Exchange will be $0.472 (or $0.515 if the Holder is a director of the Company). Simultaneously with the Registered Direct Offering and the concurrent Private Placement, the Company entered into a definitive agreement with holders (“Holders”) of its March 2022 Senior Secured Convertible Notes (the “Convertible Notes”) to exchange approximately $7.1 million of outstanding principal amount of the Convertible Notes, and accrued but unpaid interest thereon, for Shares (the “Notes Exchange”). The aggregate gross proceeds from the Registered Direct Offering and the concurrent Private Placement are expected to be approximately $7.1 million before deducting placement agent fees and other estimated offering expenses. The purchase price for one Share in the Registered Direct Offering and the concurrent Private Placement will be $0.458 (or $0.50 if the purchaser is a director of the Company). (NASDAQ: AUID) (“authID” or the “Company”), a leading provider of secure identity authentication solutions, today announced it has entered into a definitive agreement with accredited investors to sell approximately 15.5 million shares of its common stock (the “Shares”), pursuant to a registered direct offering (the “Registered Direct Offering”), and a concurrent private placement (the “Private Placement”). In general, the modes of contact you include should match the ones you check regularly and the modes the donor checks regularly.DENVER, (GLOBE NEWSWIRE) - authID Inc.
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