Benzinga | Aug 24, 2021 08:17AM EDT

authID.ai Raises $10M Via IPO, Starts Trading From Today

* Secure, mobile, biometric identity authentication solutions provider authID.ai (NASDAQ:AUID) priced 1.4 million shares at $7 per share to raise $10 million in an initial public offering.

* The company was formerly known as Ipsidy Inc (OTC: AUID).

* The underwriters have a 45-day option to purchase additional shares up to 0.2 million.

* authID.ai is likely to trade on the Nasdaq under the symbol "AUID" from today.

* authID.ai will utilize the offering proceeds to invest in the software product, platform development, and artificial intelligence, expand business development, sales and marketing capabilities, working capital, and general corporate purposes.