Identitii Limited (ASX:ID8) recently closed its Rights Issue, raising $416,868 before costs with a shortfall balance of $3,607,320.

Allotment of the New Shares and Options is expected to occur on 29 December 2022, with the shortfall expected to be placed by Monday, 20 March 2023.

Funds raised under the Rights Issue will be used, in part, for sales and marketing and continued product development.

Identitii Limited is an Australian-based company that helps regulated entities reduce their exposure to regulatory risk.