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Sunday, July 3, 2022

Ipsidy Inc. (AUID) stock surged in the current market; here is why?

Ipsidy Inc. (AUID) stock surged in the current market after announcing a $22.5 Million Financing Round and Fiscal 2021 results in a press release. AUID values $3.63, gaining more than 19% from the previous closing price. AUID stock closed at $3.03 at the end of the last trading session. AUID stock volume traded in the previous trading session was around 254.64K shares. The current market cap of the company is about $83.08 million.


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AUID: Financing Round of $22 million

Ipsidy Inc. (AUID) reported today that it has closed on approximately $22.5 million in financing before fees, commissions, and costs.

The business raised $9.2 million by selling senior secured convertible promissory notes to approved investors. Several members of the authID.ai Board and executive team have previously invested. The Notes are convertible into common shares of authID.ai at any time at a price of $3.70 per share.

The firm funded $3 million by selling the common stock at $3.03 per share to a new investor and roughly $300K by selling common stock to the authID.ai executive team members at $3.70 per share.

AUID received a $10 million unsecured standby line of credit from an existing prominent investor.

AUID: Fiscal 2021 results 

  • AUID announced revenue of $2.3 million in fiscal 2021. Last year, its revenue was $2.1 million. The revenue of the company saw a slight increase.
  • The company reported a net loss of $17.7 million in fiscal 2021. Net loss increased from $11.3 million in 2020.
  • The company’s basic and diluted loss per share was $0.83. Previously, it was $0.63 in 2020.
  • As of December 31, 2021, the company had cash and cash equivalents of $6 million in total.

Conclusion

The company is looking forward to using the proceeding as working capital and general and administrative expenses. The company is excited about a new round of funds raised as it will help them to boost its performance. The company’s revenue has also increased, reflecting that it is going in the right direction.

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