VERB Raises $5.03 Million in Preferred Stock Equity Financing
August 16 2019 - 9:00AM
VERB Technology Company, Inc. (NASDAQ: VERB;
VERBW) (“VERB” or the “Company”), a leader in business-focused
interactive video sales and marketing applications and the pioneer
of Augmented Sales Intelligence software, today announced gross
proceeds of $5,030,000 in equity financing following the sale of
Company Preferred Stock and warrants.
Pursuant to a Securities Purchase Agreement dated August 14,
2019, the Company issued 5,030 shares of its Series A Convertible
Preferred Stock and granted warrants to purchase up to
approximately 3.2 million shares of common stock. The sole
placement agent on the financing was A.G.P./Alliance Global
Partners, who also acted as the sole book-running manager for the
Company’s $20.5M Public Offering that closed on April 9 of this
year, and included several investors that also participated in that
offering. Details of the offering can be found in the Company’s
Form 10-Q filed August 14, 2019.
Net proceeds of the sale of securities, following transaction
related expenses, are expected to be used for working capital
purposes to fund the Company’s current growth as reflected in the
August 14, 2019 Form 10-Q, which includes consolidated, pro forma
unaudited financial statements showing a 37% increase in SaaS
revenue for Q2 over Q1, a 32% increase in revenue and 19% increase
in gross profit in the first 6 months of 2019 over the first 6
months of 2018, as well as the retirement of approximately $2.8
million in debt.
Jeff Clayborne, CFO of VERB, stated: “We are pleased to announce
the closing of this offering involving many of the same
participants as in our April public offering, who continue to
support the execution of our business plans and objectives and
believe in our ability to create long-term stockholder value.
Proceeds will augment our impressive digital revenue growth as we
continue to build momentum as a leader in SaaS sales and marketing
applications.”
About VERB
VERB Technology Company, Inc. is rapidly emerging as the market
leader in sales and marketing applications utilizing its
proprietary interactive video data collection and analysis
technology. Following its successful acquisition of Utah-based
Sound Concepts, the leading provider of digital tech-based
marketing and customer relationship management applications for the
direct sales, network marketing and affiliate marketing industries,
the newly combined company provides next-generation customer
relationship management (“CRM”), lead generation, and video
marketing software applications under the brand name Verb GO. The
Company’s proprietary and patent-pending technology produces
real-time, measurable results with customers reporting greater than
600% increases in conversion rates. The Company’s
software-as-a-service (SaaS) products are cloud-based, accessible
on all mobile and desktop devices, and are available by
subscription for individual and enterprise users. The Company’s
technology is integrated into popular ERP, CRM, and marketing
platforms, including Oracle NetSuite, Adobe Marketo, and
integrations into Salesforce.com, Odoo, and Microsoft, among others
are underway.
For more information, please visit:
www.myverb.com.
Forward-Looking and Cautionary Statements This
press release may contain “forward-looking” information within the
meaning of the Private Securities Litigation Reform Act of 1995. In
accordance with the safe harbor provisions of this Act, statements
contained herein that look forward in time that include everything
other than historical information, involve risks and uncertainties
that may affect the Company’s actual results. There can be no
assurance that such statements will prove to be accurate and there
are a number of important factors that could cause actual results
to differ materially from those expressed in any forward-looking
statements made by the Company, including, but not limited to,
plans and objectives of management for future operations or
products, the market acceptance or future success of our products,
and our future financial performance. The Company cautions that
these forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in the
Company’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2018, and other filings with the U. S. Securities and
Exchange Commission (available at www.sec.gov). The Company
undertakes no obligation to publicly update or revise any
statements in this release, whether as a result of new information,
future events, or otherwise.
CONTACT INFORMATION
Please address media inquiries to: info@myverb.com
855.250.2300, extension 7
Please address investor inquiries to: investors@myverb.com
855.250.2300, extension 2
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