ATLANTA – Trust Stamp (NASDAQ:IDAI), a provider of AI-powered identity verification services with a market capitalization of $15.81 million, announced a reverse stock split effective January 6, 2025. This decision comes after a series of actions aimed at… To ensure compliance with Nasdaq's minimum bid price requirements. according to InvestingPro According to the data, the stock has shown high price volatility, with shares currently trading at $0.57.
The reverse split commenced on September 20, 2024, with notification to Nasdaq. In response, Nasdaq granted the company an extension on November 4, 2024 to meet the $1 closing offer rule. A large majority of shareholders, 96%, voted in favor of the reverse split during the Extraordinary General Meeting held on 18 November 2024.
Despite a brief price spike that led to shares closing at $1.20 on December 30, 2024, the stock's momentum stalled, and prices declined in subsequent days. The stock is down 22.67% year to date InvestingPro The data shows a gain of 53.26% over the past six months. CEO Gareth N. Genner noted that although the company saw several price spikes, they did not last long enough to meet the Nasdaq requirement of 10 consecutive trading days with a closing bid above $1.
The reverse split was announced on January 2, 2025, on the back of this volatility, as the board aimed to position the stock price above its small-cap rating. Jenner expressed his belief that a reverse split is consistent with the long-term interests of shareholders and may attract a broader range of investors, including family offices and institutional investors.
Trust Stamp is preparing for its Annual General Meeting (AGM) on 29 January 2025, where it will issue updates on the company’s position for the year and details of partnerships and initiatives. The company sees significant opportunities as it addresses challenges in the global market related to quantum computing, deepfakes, cybersecurity breaches, ransomware attacks, and national security.
Based on a press release, Trust Stamp, which describes itself as a Privacy-First Identity Company™, operates across sectors such as banking, financial services and government, with a presence in North America, Europe, Asia and Africa. Financial metrics from InvestingPro It indicates difficult conditions, with revenues down 51.92% in the last twelve months and a current ratio of 0.6. InvestingPro subscribers have access to over 10 additional key insights and detailed Trust Stamp financial metrics.
In other recent news, Trust Stamp and T Stamp Inc. announced… About the main developments. T Stamp Inc. shareholders approved. on proposals for a reverse stock split, the issuance of new stock and warrants, and the sale of approximately 4.6 million shares of Class A common stock to DQI Holdings, Inc. Trust Stamp announced a 1-for-15 reverse stock split of its common stock, intended to comply with Nasdaq's minimum offering price requirements.
T Stamp Inc. has witnessed Significant changes in its leadership, with the appointment of Andrew Scott Francis, current CTO, to the Board of Directors, and the announcement of the departures of CFO Alexandre Valdes and EVP of Mergers and Acquisitions Joshua Allen. Trust Stamp CEO Gareth N. Genner hinted at upcoming announcements detailing new strategic partnerships, revenue streams and reduced expenses.
T Stamp Inc. reclaimed Compliance with Nasdaq equity requirements through strategic transactions, including the issuance of equity to convert debt into equity, a licensing agreement with Boumarang Inc., and the sale and exercise of warrants with institutional investors. Meanwhile, Trust Stamp faces financial challenges, as short-term liabilities exceed liquid assets.
T Stamp Inc. acquired The technology for encrypting personally identifiable information has been patented by the US Patent and Trademark Office and has formed a strategic alliance with Qenta Inc. To develop its own digital identity technology. Trust Stamp reported revenue of $2.16 million in the last twelve months, a gross profit margin of 51.35%. These are the latest developments that shape the two companies.
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