authID.ai a leading provider of secure, mobile, biometric identity verification solutions, announces that approximately $6.4 million of indebtedness was voluntarily converted into equity by the Company’s noteholders.
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As of June 30, 2021 the Company had received notices of conversion from the holders of Convertible Notes (“Notes”) issued in 2019 and 2020, voluntarily opting to convert their principal and interest into fully paid shares of Common Stock, in accordance with the terms of the various Notes. As a result, approximately 1.1 million shares of Common Stock were issued to the Noteholders.
“The note conversions represent an important milestone for authID.ai,” said Tom Thimot CEO of authID.ai. “We greatly appreciate the tremendous support of our investors and the confidence that they have shown in the direction the Company is headed, by virtue of the voluntary conversion they have undertaken.”
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