Brief: Authid Inc - On Feb 14, 2023, Board Resolved To Implement Revised Budget For 2023 To Reduce Expenses, Cash Requirements

authID

21/02/2023 22:31

Feb 21 (Reuters) - Authid Inc  AUID.O :
    * AUTHID INC - ON FEB 14, 2023, BOARD RESOLVED TO IMPLEMENT
REVISED BUDGET FOR 2023 TO REDUCE EXPENSES, CASH REQUIREMENTS
    * AUTHID INC - UNDER LABOR REDUCTION PLAN CO INTENDS THAT UP
TO 15
OF CO'S 21 UNITED STATES BASED EMPLOYEES BE TERMINATED
    * AUTHID INC - 11 EMPLOYEES HAVE ALREADY BEEN GIVEN NOTICE
OF
THEIR TERMINATION AND THE REMAINDER MAY BE TERMINATED OVER THE
NEXT SEVERAL MONTHS
    * AUTHID INC - COMPANY HAS ALSO GIVEN TERMINATION NOTICE TO
CERTAIN VENDORS AND CONTRACTORS THAT PROVIDE SERVICES TO THE
COMPANY
    * AUTHID INC - ESTIMATES IT WILL BE INCURRING COSTS IN RANGE
OF
$0.5 MILLION TO $1.1 MILLION IN CONNECTION WITH THE LABOR
REDUCTION PLAN
    * AUTHID INC - ON FEB 15, 2023 CECIL N. SMITH III CEASED TO
BE
EMPLOYEE, PRESIDENT, CHIEF TECHNOLOGY OFFICER OF CO PURSUANT TO
LABOR REDUCTION PLAN

Further company coverage:  AUID.O 
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