authID.ai (Ipsidy), which provides a biometric identity verification platform, lowered the proposed deal size for its upcoming IPO on Friday.
The Long Beach, NY-based company now plans to raise $10 million by offering 1.5 million shares at $6.81, the August 19th close of its shares on the OTCQB (AUID). The company had most recently filed to offer 2.1 million shares at $9.63. At the revised deal size, authID.ai will raise -50% less in proceeds than previously anticipated.
authID.ai provides secure, mobile, biometric identity verification software products delivered through an easy to integrate Identity as a Service platform. The company has developed software solutions that include biometric capture and matching of faces, voices, and fingerprints, remote document collection and authentication, multi-factor authentication and passwordless login, and step-up verification for electronic transactions.
authID.ai was founded in 2011 and booked $2 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol AUID. ThinkEquity is the sole bookrunner on the deal.
