authID Announces Reverse Stock Split Effective Monday July 10, 2023
07 Julho 2023 - 9:00AM
authID® [Nasdaq: AUID] (the “Company”) a leading
provider of innovative biometric identity verification and
authentication solutions today announced that effective before
market open on July 10, 2023 it will complete a 1-for-8 reverse
stock split of its common stock (“Reverse Stock Split”).
At the Annual Meeting of stockholders of the Company held on
June 26, 2023, the stockholders approved an amendment to the
Company’s Amended and Restated Certificate of Incorporation to
effect a Reverse Stock Split with the exact ratio to be set by our
Board of Directors. The Board resolved to set the Reverse Stock
Split at the ratio of 1-for-8 and filed an Amendment to the Amended
and Restated Certificate of Incorporation with the Secretary of
State in Delaware on June 26, 2023, effective July 7, 2023 5:30
p.m. As a result, on Monday, July 10, 2023 every eight issued
shares of common stock will automatically be combined into one
share of common stock.
As explained in the 2023 Proxy Statement filed May 17, 2023 and
circulated to all stockholders, this change is necessary to ensure
compliance with the Nasdaq Capital Market’s Minimum Bid Price Rule,
prior to the end of the compliance period which is July 24,
2023.
Shares of the Company’s common stock will be assigned a new
CUSIP number (46264C305) and are expected to begin trading on a
split-adjusted basis on Monday, July 10, 2023.
The Reverse Stock Split will not change the authorized number of
shares of the Company’s common stock. No fractional shares
will be issued and any fractional shares resulting from the Reverse
Stock Split will be rounded up to the nearest whole
share. In addition, the Reverse Stock Split will apply
to the Company’s common stock issuable upon the exercise or
conversion of the Company’s outstanding warrants, stock options and
convertible notes, with proportionate adjustments to be made to the
exercise prices thereof and under the Company’s equity incentive
plans.
Whether stockholders hold shares in brokerage accounts, or in
book entry form at the Company’s transfer agent, the number of
shares will be automatically adjusted to reflect the Reverse Stock
Split. Stockholders holding shares of common stock at registered
brokerage firms, should consult their broker for further
information on their account. Stockholders who hold shares with the
Company’s transfer agent will receive information in the mail about
their accounts over the next few days.
Further information about how the Reverse Stock Split affects
the individual holdings of other investors, whether holders of
certificates for common stock, or warrants, options, or notes
convertible into common stock will be provided to investors
following the effective date. Investor FAQ’s regarding the Reverse
Stock Split can be found here.
About authID Inc.At authID (Nasdaq: AUID),
We Are Digital Identity®. authID provides secure
identity verification and authentication through
Verified™, an easy-to-integrate strong authentication
platform. Verified combines document-based identity
verification with strong FIDO2 passwordless device
authentication and cloud biometrics to deliver identity-first
cybersecurity for both workforce and consumer applications.
Powered by sophisticated biometric and artificial intelligence
technologies, authID establishes trusted digital identities,
binds an identity to provisioned devices, and eliminates the risks
of passwords to deliver the faster, frictionless, and accurate
user identity solutions demanded by today’s digital ecosystem. For
more information, go to www.authID.ai.
authID Media Contact
Graham N. AradGeneral CounselInvestorRelations@authid.ai
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