authID Inc.: 10% owner Stephen Garchik bought and sold 1,000,000 shares

What happened

• Stephen J. Garchik, a 10% owner, reported multiple transactions on a Form 4. The filing shows an open-market sale of 9,920 shares at $1.12 on Jul 15, 2026 for $11,150; receipt of 8,844 shares from the dissolution distribution of GULP on Sep 4, 2026 (no cash); forfeiture of 8,333 unvested stock options to the issuer on Jul 7, 2026 (no consideration); and a series of derivative transactions (debentures and warrants) and related acquisitions/dispositions on Sep 15, 2026 and Oct 5, 2026.

Key details

• Transaction dates and prices:
  • Jul 15, 2026: sold 9,920 shares at $1.12, proceeds $11,150. (Footnote F13)
  • Jul 7, 2026: forfeiture of 8,333 unvested options to the issuer for no consideration. (Footnote F10)
  • Sep 4, 2026: GULP distributed 130,975 shares in kind; Mr. Garchik received 8,844 shares (no cash). (Footnote F12)
  • Sep 15, 2026: derivative transactions including acquisition of a Backstop Debenture principal amount $150,000 (reported price $150,000) convertible at $0.38 per share; reported warrant exercise-price reductions and related reported dispositions/acquisitions. (Footnotes F5, F6, F7, F8)
  • Oct 5, 2026: further adjustments to debenture maturity and warrant exercise prices were reported, with corresponding reported dispositions and acquisitions. (Footnotes F5, F7, F8)
  • Several reported transactions list N/A for share counts where the entry is for a derivative instrument or a principal amount rather than an immediate share transfer.
• Shares owned after the transactions: not stated in the provided filing excerpts.
• Relevant footnotes:
  • F1: Mr. Garchik disclaims beneficial ownership in excess of his actual pecuniary interest.
  • F2–F4: certain holdings are held by trusts or partnerships connected to Mr. Garchik.
  • F5–F6: debenture terms amended; conversions at $0.38 per share and a $150,000 backstop principal reported.
  • F7–F8: warrants issued or amended; exercise prices reduced (reported as dispositions and acquisitions of the warrants with no change in underlying shares).
  • F10: forfeiture of 8,333 unvested options on Jul 7, 2026 (reported voluntarily).
  • F11: conversion/exercise limitations that may cap beneficial ownership at 19.99% without stockholder approval.
  • F12: GULP dissolution and in-kind distribution to partners; Mr. Garchik received 8,844 shares.
• Filing timeliness: not indicated in the provided excerpts.

Why it may matter

• The filing reports derivative activity: amendments to debentures (conversion at $0.38 per share), warrant exercise-price reductions, and related reported dispositions/acquisitions of those instruments.
• The filing reports a trust funding $150,000 under a backstop arrangement and receipt of related debenture and warrant rights.
• The filing reports a direct market sale (9,920 shares) and transfers by partnership dissolution and option forfeiture (non-market events).
• This filing does not show why the insider traded or why the company acted.