authID Plunges 14.43% on Direct Offering

On April 1, 2025, authID's stock price dropped by 14.43% in pre-market trading, marking a significant decline for the biometric identity verification and authentication solutions provider.

authID recently announced a registered direct offering, aiming to sell approximately 1,811,111 shares of its common stock and/or Pre-Funded Warrants at a price of $4.50 per share. The offering is expected to generate approximately $8.15 million in gross proceeds, which the company plans to use for working capital and general corporate purposes. The closing of the offering is anticipated to occur on or around April 1, 2025, subject to customary closing conditions.

The company has also announced the formation of an Advisory Board, which includes prominent figures such as Eric Swider and Donald Nitti. Swider, known for his role in bringing Trump Media and Technology Group public, expressed his enthusiasm for authID's biometric authentication platform, highlighting its potential to address critical needs in various industries. Nitti, the Founder and Chief Investment Officer of Chroma Ventures, praised authID's technology as best-in-class and emphasized its wide-ranging applications across different sectors.

Kyle Wool, President of Dominari Holdings Inc., commented on the significance of the offering, noting that it aligns with his firm's commitment to supporting American companies that protect citizens from deep fake technologies. The addition of these advisors is seen as a pivotal moment for authID, expanding its presence and opening new opportunities in both government and private sector markets.