Shares of T Stamp Inc (OTCMKTS:IDAI) closed higher in the previous session on unusual volume.
Market Reaction
On Monday, IDAI stock moved up 8.30% to $4.45 with more than 1k shares, compared to its average volume of 5.11K shares. The stock has moved within a range of $4.1500 – 4.9700 after opening trade at $4.15.
Trust Stamp Oversubscribes $5M Public Offering in Pursuit of Nasdaq Uplisting, and Files a 1-U Report with the SEC
Global provider of AI-powered trust and identity services harnessed in several sector, Trust Stamp (OTCMKTS:IDAI), has stopped asking for new investments for the Regulation CF offering at 11:59 on November 19, after getting excess of $14.9M in signed subscription agreements for the Regulation CF offering.
With the over subscription of the offering, finished applications will be done till closings reach $5M round cap. On the other hand, excess subscriptions would be refunded and given on a list to be notified of future investment opportunities. Depending on the success of the raise, the firm has started PCAOB audit update and given a draft Regulation-A offering statement to the SEC for comments.
After the audit is done and qualification of final statement by SEC, the firm will request of uplisting on Nasdaq Capital Market.
Trust Stamp CEO Gareth Genner said that Shareholders investing in oversubscribed Series A funding round at $25M pre-money valuation have signed up again over 800 times to participate in Regulation CF or parallel Regulation D offerings.
Trust Stamp has taken a number of measures for meeting quantitative requirements for uplisting on Nasdaq. Earlier in August 2020, the firm had done 5:1 stock split serving the purpose of augmenting OTCQX trading volume for its shares. It has also welcomed two new Independent Non-Executive Board Directors in line with requirements of NASDAQ.
Key Quote
Trust Stamp CEO Gareth Genner comments: “Shareholders that invested in our oversubscribed Series A funding round at a $25M pre-money valuation have signed up again over 800 times to participate in either the Regulation CF or our parallel Regulation D offerings, and we truly appreciate their continued support. We are also thrilled to welcome new mission-aligned crowdfunding investors to join us in our goal of delivering privacy-preserving identity solutions to empower access and protect data for individuals and organizations around the world.”
