authID secures up to $500,000 backstop; issues 750,000 warrants
authID entered a Backstop Commitment Agreement with senior secured debenture holders to provide up to $500,000 in short-term financing support, with potential draws of $300,000 at any time and an additional $200,000 after halfway to a strategic investor funding; the company also issued 750,000 warrants.
authID has entered into a Backstop Commitment Agreement with certain holders of its senior secured debentures that provides for up to $500,000 in short-term financing support, contingent on a potential strategic investor funding. Under the agreement, the company may draw $300,000 at any time and an additional $200,000 after half of the financing support has been used.