authID Announces Closing of $11,000,000 Million Registered Direct Offering

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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 raised $11,000,000 through a registered direct offering.
  • The company plans to use the proceeds to expand sales and operations.
  • authID intends to grow its customer success team to support increased client numbers.
  • The company's market capitalization increased by 10x over the past year.
  • authID achieved 12x sales bookings growth compared to 2022.
  • The share offering may cause dilution for existing shareholders.

The completion of a registered direct offering where authID raised $11,000,000 is a notable financial milestone. The offering price of $7.50 per share aligns with the usual market practices, offering a slight premium for directors at $8.16 per share. This funding injection will be critical for authID as it aims to expand its operations and bolster its customer success teams. Retail investors should note that such funding can enhance the company’s ability to scale in new markets and improve service delivery. However, the immediate impact on the stock price may vary depending on market perception of potential dilution and how effectively the funds are utilized to drive growth. Long-term, successful deployment of these funds could significantly enhance authID’s market position and financial health.

The investment community's willingness to participate in this direct offering underscores confidence in authID's value proposition and growth trajectory. The company's focus on expanding into newer industries and enhancing client support is aligned with its strategic objectives of tapping into high-growth sectors. For retail investors, it is promising to see a clear plan for deploying the raised funds. However, the real test will be in execution—how well authID can convert these funds into tangible growth metrics like increased market share and client satisfaction. Investors should watch for updates on sales performance and client acquisition metrics over the next few quarters as indicators of success.

DENVER, June 27, 2024 (GLOBE NEWSWIRE) --  authID Inc. (NASDAQ: AUID) (“authID” or the “Company”), a leading provider of innovative biometric identity verification and authentication solutions, today announced it has closed its previously announced registered direct offering (the “Registered Direct Offering”) with investors to sell 1,464,965 shares of its common stock (the “Shares”). The purchase price for one Share was $7.50 (however, the purchase price for one share if the investor was a director of the Company was $8.16). The aggregate gross proceeds from the Registered Direct Offering were $11,000,000 million before deducting placement agent fees and other estimated offering expenses.

Madison Global Partners, LLC, acted as sole placement agent for the offering.

authID has earmarked the net proceeds for a number of initiatives. These include expanding sales and operations to gain greater traction in those newer industries where it has recently acquired accounts. authID also plans to grow its customer success team to handle accelerated numbers of clients requiring support in going live on the authID platform.

“I am extremely proud of the significant progress authID has made over the past year. We assembled a new team of biometric authentication experts, increased our market capitalization by 10x, executed on 12x sales bookings growth compared to 2022, and commenced a path towards strong revenue growth,” said Rhon Daguro, CEO of authID. “This fund raise is a tremendous sign of confidence in our mission that will help us continue to deliver game changing innovation and advance our market momentum.”

The Shares offered in the Registered Direct Offering are being offered by the Company pursuant to a shelf registration statement (Registration No. 333-260641) filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on November 10, 2021. The offering is being made only by means of a prospectus supplement and accompanying prospectus. A prospectus supplement and accompanying prospectus relating to the Registered Direct Offering has been filed with the SEC and, when available, may be obtained for free on the SEC’s website located at Electronic copies of the final prospectus supplement and accompanying prospectus relating to the Registered Direct offering may be obtained by contacting Madison Global Partners, LLC, Attention: David S. Kaplan, Managing Partner, 350 Motor Parkway, Suite 205, Hauppauge, NY 11788, by email at, or by telephone at (646) 690-0330.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About authID Inc.

authID (Nasdaq: AUID) ensures enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the most accurate user identity experience demanded by today’s digital ecosystem. Discover more at

For more information, please visit www.

Media Contacts

authID Media Contact
Rhon Daguro

Cautionary Statement Regarding Forward-Looking Statements:

This Press Release includes “forward-looking statements.” All statements other than statements of historical facts included herein are forward-looking statements. Actual results may vary materially from the results anticipated by these forward-looking statements as a result of a variety of risk factors. See the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2023, filed at and other documents filed with the SEC for risk factors which investors should consider. These forward-looking statements speak only as to the date of this release and cannot be relied upon as a guide to future performance. authID expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release to reflect any changes in its expectations with regard thereto or any change in events, conditions, or circumstances on which any statement is based.


What is the value of authID's recent registered direct offering?

authID's recent registered direct offering raised $11,000,000.

How many shares did authID sell in the registered direct offering?

authID sold 1,464,965 shares of its common stock in the registered direct offering.

What was the purchase price per share in authID's registered direct offering?

The purchase price per share was $7.50, while directors paid $8.16 per share.

Who acted as the placement agent for authID's registered direct offering?

Madison Global Partners acted as the sole placement agent for authID's registered direct offering.

How will authID use the proceeds from the registered direct offering?

authID plans to use the proceeds to expand sales, operations, and grow its customer success team.

What growth has authID achieved over the past year?

authID increased its market cap by 10x and achieved 12x sales bookings growth compared to 2022.

What is authID's stock symbol?

authID's stock symbol is AUID.

authID Inc.


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