authID Inc. - AUID STOCK NEWS

authID Inc. [Nasdaq: AUID] and FinClusive Capital, Inc. have announced a partnership to integrate authID's biometric services into FinClusive's Compliance-as-a-Service (CaaS) platform. This collaboration aims to combat financial crimes, identity fraud, and deepfakes while providing a seamless user identity experience.

Key points:

• authID's automated identity document authentication covers over 13,000 U.S. and international government-issued ID documents
• The integration streamlines digital onboarding and ongoing authentication for FinClusive's global customer base
• The combined solution offers dynamic risk scoring, monitoring, and advanced deepfake detection
• authID's platform ensures 'Knows Who's Behind the Device™' with speed, accuracy, and precision
• The partnership supports FinClusive's mission of global financial inclusion with secure and accessible identity assurance

authID announced the closing of an $11,000,000 registered direct offering on June 27, 2024. The company sold 1,464,965 shares of its common stock at $7.50 per share, with directors purchasing at $8.16 per share. Madison Global Partners acted as the sole placement agent. The proceeds will be used to expand sales, operations, and the customer success team to accommodate growth. CEO Rhon Daguro highlighted the company's 10x market cap increase and 12x sales bookings growth over the past year. The offering was made under a shelf registration statement declared effective by the SEC in November 2021.

authID.ai [Nasdaq: AUID], a provider of biometric identity verification and authentication solutions, held its 2024 Annual Shareholder Meeting via webcast on June 26, 2024. During the meeting, all nominated directors were re-elected, and all proposed resolutions were adopted. CEO Rhon Daguro updated shareholders on the company's activities following the meeting adjournment.

authID announced a definitive agreement to sell 1,464,965 shares of its common stock in a registered direct offering, expected to generate $11 million in gross proceeds. The shares are priced at $7.50 each, except for company directors, who will pay $8.16 per share. Closing is anticipated around June 27, 2024, pending customary conditions. Madison Global Partners is the sole placement agent. The funds will support authID's expansion in sales, operations, and customer support to handle new clients. The shares are offered per a shelf registration statement effective November 10, 2021.

authID has partnered with Syntrove to integrate its biometric identity verification and authentication solutions into Syntrove's risk and fraud technology platform. This collaboration aims to combat AI-driven fraud, deepfakes, and cyberattacks by providing a robust identity assurance system. Syntrove will distribute authID's technology to its enterprise clients in banking, insurance, gaming, crypto, and supply chains. The joint effort promises to offer the fastest biometric processing on the market, enhancing security and user experience. AuthID's solutions will help enterprises secure digital interactions and reduce risks associated with cyber threats.

authID [Nasdaq: AUID], a leader in biometric identity verification, will participate in a webinar hosted by Deep Knowledge Investing on June 5, 2024, at 12:00pm EDT. The event will feature authID's CEO Rhon Daguro, CFO Ed Sellitto, CTO Thomas Szoke, and Board Director Kunal Mehta, discussing the company's market strategy, growth, and future plans. Moderated by DKI Founder Gary Brode, the webinar will be accessible for DKI subscribers, and livestreamed on Twitter/X @Gary_Brode and LinkedIn Live. A replay will be available on DKI’s YouTube Channel post-event.

authID announced its 2024 Annual Meeting of Stockholders will be held virtually on June 26 at 10:00 a.m. EDT. Key proposals include electing directors, appointing auditors, reducing authorized shares, adopting the 2024 Equity Incentive Plan, and approving 'Say-on-Pay' resolutions. All seven current directors are nominated for re-election. The Proxy Statement detailing proposals has been filed with the SEC and is being mailed to stockholders. The meeting will be webcast via Zoom Events, requiring pre-registration. Stockholders can vote electronically and are encouraged to do so by proxy before the meeting.

authID reported Q1 2024 financial results, highlighting a significant revenue growth of over 300% to $0.16 million compared to Q1 2023. This was driven by new customer launches signed in 2023. Operating expenses rose to $3.31 million, and the company reported a loss from continuing operations of $3.06 million. Revenue guidance for FY 2024 is projected between $1.4 million and $1.6 million. Adjusted EBITDA loss for Q1 2024 was $2.39 million. The company signed new partnerships and expanded its sales pipeline, with a focus on larger enterprise customers expected to drive higher long-term revenue.

authID Inc. has partnered with IDMWORKS to expand the reach of its biometric identity platform across North America. The agreement aims to provide highly secure identity verification solutions to combat cyberattacks and unauthorized access in various industries. IDMWORKS will resell and integrate authID's biometric capabilities to deliver strong identity assurance and user authentication.