VERB Announces Closing of $13.8 Million Underwritten Public Offering and Full Exercise of Over-Allotment Option
July 24 2020 - 04:15PM
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 closing of
an underwritten public offering of common stock for gross proceeds
of approximately $13.8 million, which includes the full exercise of
the underwriter's over-allotment option to purchase additional
shares, prior to deducting underwriting discounts and commissions
and offering expenses payable by Verb.
The offering was comprised of shares of common stock priced at a
public offering price of $1.10 per share.
Ladenburg Thalmann & Co. Inc. acted as sole book-running
manager in connection with the offering.
A total of 12,545,453 shares of common stock were issued in the
offering, including the full exercise of the over-allotment
option.
The securities were 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. A
final prospectus relating to this offering was filed by Verb with
the SEC. 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 VERB
VERB 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 about the
closing of the offering of common stock. 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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