VERB Technology Company, Inc. (NASDAQ:
VERB) ("VERB" or the "Company"), a leader in interactive
video-based sales enablement applications, including interactive
livestream ecommerce, webinar, CRM, and marketing applications for
entrepreneurs and enterprises, has today announced the pricing of
an underwritten public offering of common stock for gross proceeds
of approximately $12 million prior to deducting underwriting
discounts and commissions and offering expenses payable by Verb.
The offering is comprised of 10,909,090 shares of common stock
priced at a public offering price of $1.10 per share.
The closing of the offering is expected to take place on or
about July 23, 2020, subject to the satisfaction or waiver of
customary closing conditions.
Ladenburg Thalmann & Co. Inc. is acting as sole book-running
manager in connection with the offering.
A total of 10,909,090 shares of common stock will be issued in
the offering. In addition, the Company has granted the underwriter
a 45-day option to purchase up to an additional 1,636,363 shares of
common stock solely to cover over-allotments, if any, at the public
offering price per share, less the underwriting discounts and
commissions.
The securities will be offered pursuant to a registration
statement on Form S-1 (File No. 333-239055), which was declared
effective by the United States Securities and Exchange Commission
on July 21, 2020.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor will there be any sales of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
offering is being made solely by means of a prospectus. A final
prospectus relating to this offering will be filed by Verb with the
SEC. When available, copies of the final prospectus can be obtained
at the SEC’s website at www.sec.gov or from Ladenburg Thalmann
& Co. Inc., Prospectus Department, 277 Park Avenue, 26th Floor,
New York, New York 10172 or by email at
prospectus@ladenburg.com.
About VERBVERB Technology Company,
Inc. (NASDAQ: VERB) is a Software-as-a-Service, or SaaS,
applications platform developer. Our platform is comprised of a
suite of sales enablement business software products marketed on a
subscription basis. Our applications, available in both mobile and
desktop versions, are offered as a fully integrated suite, as well
as on a standalone basis, and include verbCRM, our Customer
Relationship Management application; verbLEARN, our Learning
Management System application; and verbLIVE, our Interactive
Livestream eCommerce and Video Webinar application.
Our suite of applications can be distinguished from other sales
enablement applications because our applications utilize our
proprietary interactive video technology as the primary means of
communication between sales and marketing professionals and their
customers and prospects. Moreover, the proprietary data collection
and analytics capabilities of our applications inform our users in
real time, on their device, when and for how long the prospects
watched the video, how many times they watched it, and what they
clicked-on, prompting the user to focus his or her time and efforts
on hot leads or interested prospects rather than on those that have
not seen the video or otherwise expressed interest in the content.
Users can create their hot lead lists by using familiar, intuitive
‘swipe left/swipe right’ on-screen navigation. Our clients report
that these capabilities provide for a much more efficient and
effective sales process, resulting in increased sales conversion
rates. We developed the proprietary patent-pending interactive
video technology, as well as several other patent-issued and
patent-pending technologies that serve as the unique foundation for
all of our platform applications.
With offices in California and Utah, we provide
subscription-based application services to approximately 100
enterprise clients for use in over 60 countries, in over 48
languages, which collectively account for a user base generated
through more than 1.4 million downloads of our verbCRM application.
Our technology is also being integrated into popular ERP, CRM, and
marketing platforms offered by third-party developers, including
Salesforce and Microsoft, among others. For more information,
please visit: www.verb.tech.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding:
the expectation that the closing of the offering will take place on
or about July 23, 2020, subject to the satisfaction or waiver of
customary closing conditions; and that the securities will be
offered pursuant to a registration statement on Form S-1. These
forward-looking statements involve risks and uncertainties. If any
of these risks or uncertainties materialize, or if any of our
assumptions prove incorrect, our actual results could differ
materially from the results expressed or implied by these
forward-looking statements. These risks and uncertainties include
risks associated with: the COVID-19 pandemic and related public
health measures on our business, customers, markets and the
worldwide economy; our plans to attract new customers, retain
existing customers and increase our annual revenue; the development
and delivery of new products, including verbLIVE; our plans and
expectations regarding software-as-a-service offerings; our ability
to execute on, integrate, and realize the benefits of any
acquisitions; fluctuations in our quarterly results of operations
and other operating measures; increasing competition; general
economic, market and business conditions; and the risks described
in the filings that we make with the Securities and Exchange
Commission (“SEC”) from time to time, including the risks described
under the headings “Risk Factors” and “Management Discussion and
Analysis of Financial Condition and Results of Operations” in our
Annual Report on Form 10-K, which was filed with the SEC on May 14,
2020, as amended by Amendment No. 1 on Form 10-K/A to our Annual
Report on Form 10-K, which was filed with the SEC on June 4, 2020,
and which should be read in conjunction with our financial results
and forward-looking statements contained therein, and our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2020, which was
filed with the SEC on May 15, 2020, as amended by Amendment No. 1
on Form 10-Q/A to our Quarterly Report on Form 10-Q, which was
filed with the SEC on June 4, 2020, and which should be read in
conjunction with our financial results and forward-looking
statements contained therein. All forward-looking statements in
this press release are based on information available to us as of
the date hereof, and we do not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were made,
except as required by law.
Investor
Relations:888.504.9929investors@
verb.tech
Media Contact:855.250.2300,
ext.107info@verb.tech
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