authID.ai (Ipsidy), which provides a biometric identity verification platform, revised the terms for its upcoming IPO on Monday.
The Long Beach, NY-based company now plans to raise $20 million by offering 2.1 million shares at $9.63, the August 3rd close of its shares on the OTCQB (AUID). The company had previously filed to offer 1.8 million shares at $11.03. At the revised terms, authID.ai will raise the same amount of proceeds and command a fully diluted market value of $267 million (-14% vs. original terms).
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.
