“Following a record year indicative of our sustained positioning for company-wide growth, uplisting to Nasdaq is a natural but important progression for Trust Stamp and our shareholders.” Gareth N. Genner, CEO, Trust Stamp
Trust Stamp is marking a big corporate milestone today: the biometrics company has uplisted from the OTCQX to the Nasdaq, where it began trading this morning under the ticker IDAI.
The move is a signal of Trust Stamp’s strong momentum amid booming interest in the kind of remote onboarding and identity verification technology in which the company specializes. Trust Stamp’s flagship solution takes the increasingly popular approach of matching an end user’s selfie photo to images of their official ID through the use of facial recognition technology.
It was only in 2020 that Trust Stamp raised $6.5 million through its Series A funding round. Further investments would bring the total amount of private equity raised by Trust Stamp to over $30 million. Trust Stamp’s client base, meanwhile, increased by 50 percent between 2020 and 2021, the company said in a recent corporate update.
2022 will bring much more detailed information about the company’s operations. While the OTCQX Best Market represents the top tier of over-the-counter marketplaces, the Nasdaq entails more stringent disclosure requirements for companies listed on the exchange.
“Following a record year indicative of our sustained positioning for company-wide growth, uplisting to Nasdaq is a natural but important progression for Trust Stamp and our shareholders,” said Trust Stamp CEO Gareth N. Genner. “As the premier exchange for technology innovation, Nasdaq offers enhanced credibility and exposure which will allow us to accelerate organic and M&A growth as we capitalize on global development opportunities with a matured portfolio of transformative identity solutions.”
CFO Alex Valdes added that Trust Stamp has already benefitted from the contributions of thousands of investors, “many with repeated investments that testify to their belief in Trust Stamp’s long-term shareholder value.” Valdes noted that Trust Stamp’s largest customers are also investors.
January 31, 2022 – by Alex Perala