T Stamp Inc. regains Nasdaq compliance with new funding

ATLANTA, GA – T Stamp Inc., operating under the name 06 Technology, announced on Monday that it has regained compliance with the Nasdaq Capital Market's minimum stockholders' equity requirement. The prepackaged software services company, which is listed under the ticker NASDAQ:IDAI, received a deficiency notice from Nasdaq on May 30, 2024, due to its stockholders' equity falling below the required $2,500,000.

The company's financial shortfall was disclosed in its Quarterly Report on Form 10-Q for the period ended March 31, 2024, with stockholders' equity reported at $1,543,391. To address the deficit and meet Nasdaq's Listing Rule 5550(b)(1), T Stamp Inc. secured an investment through a private placement on July 13, 2024. This strategic move has led the company to believe that it has successfully met the necessary equity threshold for continued listing on the Nasdaq Capital Market.

Nasdaq will continue to monitor T Stamp Inc.'s compliance with the Stockholders’ Equity Requirement. The company acknowledges that failure to demonstrate compliance in its next periodic report could result in delisting from the exchange.

The SEC filing also included forward-looking statements cautioning stakeholders about potential risks, including the possibility of non-compliance with Nasdaq's continued listing requirements in the future. These statements also highlighted uncertainties such as the risk of delisting from the Nasdaq Capital Market and other risks detailed in the company's filings with the U.S. Securities and Exchange Commission.

The information disclosed is based on a press release statement and reflects the company's current position and plans as of July 16, 2024. The CEO of T Stamp Inc., Gareth Genner, has signed off on the report, underlining the company's commitment to transparency and regulatory compliance. As the situation evolves, investors and interested parties are advised to follow the company's filings for the latest developments.

In other recent news, Trust Stamp, an AI-driven identity services provider, has been making significant strides in the field of data privacy and age verification. The company has recently filed for a patent on an AI-powered process aimed at enhancing the accuracy of biometric-based age estimation algorithms. This development comes as the demand for reliable age verification methods increases due to regulatory pressures and the growth of age-restricted content online.

Trust Stamp has also been granted a notice of allowance for a new patent by the United States Patent and Trademark Office (USPTO). The patent, titled "Personal Identifiable Information Encoder," is part of the company's efforts to enhance data security and privacy across various sectors.

Moreover, Trust Stamp has received another notice of allowance from the USPTO for a utility patent concerning a new technology designed to enhance the security and privacy of personal identifiable information. This patent is part of Trust Stamp's growing portfolio, which includes 20 allowed and issued patents, with another 13 patents provisional or pending.

These recent developments underscore Trust Stamp's commitment to data privacy and security, as well as its ability to innovate in response to regulatory changes and market demand.

InvestingPro Insights

In light of T Stamp Inc.'s recent compliance achievement with the Nasdaq's equity requirement, a closer look at the company's financial metrics and market performance provides additional context for investors. According to InvestingPro data, T Stamp Inc. boasts a substantial gross profit margin of 78.79% for the last twelve months as of Q1 2024, indicating a strong ability to control costs relative to revenue. However, the company's market capitalization stands at a modest $4.66M, reflecting the market's valuation of the company amidst its challenges.

InvestingPro Tips highlight that T Stamp Inc. has not been profitable over the last twelve months and operates with a moderate level of debt. The stock price has also experienced significant declines over various periods, including a 52.82% drop over the last three months and a 69.23% fall over the last six months. These trends suggest that while the company has taken steps to meet Nasdaq's requirements, investors may still need to exercise caution given the stock's recent performance.

For investors seeking a deeper analysis, there are additional InvestingPro Tips available that could provide further insights into T Stamp Inc.'s financial health and market position. Unlock the full potential of your investment strategy with InvestingPro and use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.

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