The ID-verification software maker Intellicheck Mobilisa has filed for regulatory clearance to sell up to $25 million in new stock, and for two top executives to sell 3 million shares of their personal holdings.
Intellicheck doesn't have “immediate plans or current commitments to sell securities,” the company said in its Friday filing with the Securities and Exchange Commission.
Based in Washington state, Intellicheck has a major research and sales presence in Woodbury. Its identity-card scanners are in use at retail shops, military bases and seaports such as the Port Authority.
Intellicheck also seeks clearance for two top executives to sell 3 million shares of their company stock. Nelson Ludlow, the chief executive, and his wife Bonnie Ludlow, a senior vice president and a director of the company, seek approval to sell 1.5 million shares each. Together the Ludlows, who are co-founders of the company, own 12.2 million shares, or 46.4 percent of outstanding shares. If the two were to sell 3 million shares it would reduce their holdings to 35 percent overall.
Intellicheck closed at $1.50 on Friday.
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