authID to effect 1-for-8 reverse stock split on July 10

authID announced that effective before market open on July 10, 2023 it will complete a 1-for-8 reverse stock split of its common stock. At the Annual Meeting of stockholders of the Company held on June 26, 2023, the stockholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a Reverse Stock Split with the exact ratio to be set by our Board of Directors. The Board resolved to set the Reverse Stock Split at the ratio of 1-for-8 and filed an Amendment to the Amended and Restated Certificate of Incorporation with the Secretary of State in Delaware on June 26, 2023, effective July 7, 2023 5:30 p.m. As a result, on Monday, July 10, 2023 every eight issued shares of common stock will automatically be combined into one share of common stock. As explained in the 2023 Proxy Statement filed May 17, 2023 and circulated to all stockholders, this change is necessary to ensure compliance with the Nasdaq Capital Market’s Minimum Bid Price Rule, prior to the end of the compliance period which is July 24, 2023. Shares of the Company’s common stock will be assigned a new CUSIP number and are expected to begin trading on a split-adjusted basis on Monday, July 10, 2023.