Verb Technology Company, Inc. (Nasdaq:
VERB) ("VERB" or the "Company"), the leader in interactive
video-based sales enablement applications, including interactive
livestream eCommerce and shoppable video, webinar, CRM and
marketing applications for entrepreneurs and enterprises, today
announced that it has filed a prospectus supplement with the
Securities and Exchange Commission (the “SEC”), under which it may
sell up to $30 million of its common stock from time to time
through an “at-the-market” or ATM equity offering program (the “ATM
Offering”).
“As I stated in our third quarter earnings call
yesterday, Marketplace and verbTV represent what I believe may be
the greatest value creation opportunity for our shareholders, the
successful execution of which must be one of our top priorities,”
stated Rory J. Cutaia, VERB CEO. “As we contemplate the numerous
components of this bold initiative, I remain very cognizant of
minimizing dilution to our shareholders and will look to secure any
needed capital at the lowest possible cost. The credit facilities I
discussed on the earnings call, as well as the flexibility of this
facility, give us additional tools to help facilitate that.”
As discussed in its recent earnings call, the
Company has identified and is currently exploring credit facilities
to finance its current initiatives. However, in the event the
Company determines to sell any shares of its common stock under the
ATM Offering during the approximately two years remaining in its
shelf registration statement on Form S-3 (File No. 333-252167)
filed with the SEC, and any extension thereto, the Company intends
to use the net proceeds from any such sales for general corporate
purposes, which may include, (i) cash consideration for prospective
corporate acquisitions; (ii) investments in working capital, or
capital expenditures, including the acceleration of investments to
grow and enhance its Marketplace and verbTV ecommerce platform and
other omni-channel assets; and (iii) other investments.
The Company has entered into an at-the-market
issuance sales agreement with Truist Securities, Inc. (“Truist
Securities”), as sales agent. Pursuant to the sales Agreement,
Truist Securities may sell the Company’s common stock in
transactions that are deemed an “at-the-market offering” defined in
Rule 415 under the Securities Act of 1933, as amended, including
sales made directly on or through the Nasdaq Capital Markets. The
timing and amount of any such sales will be determined by a variety
of factors considered by the Company. Sales may be made at market
prices prevailing at the time of a sale or at prices related to
prevailing market prices. As a result, sales prices may vary.
The Company’s prospectus supplement filed today
supplements information contained in the shelf registration
statement on Form S-3 (File No. 333-252167) filed with the SEC.
Before making an investment decision regarding the Company’s common
stock sold through the ATM Offering, please read the prospectus,
including the related prospectus supplement and all other related
documents that the Company has filed with the SEC for more complete
information about the Company, the Company’s common stock sold
through the ATM Offering, the ATM Offering and the risks associated
with investing in the Company. Investors can obtain copies of the
prospectus, the prospectus supplement and the registration
statement, without charge, by visiting the SEC’s website
at www.sec.gov or by contacting: Truist Securities, Inc., 3333
Peachtree Road NE, 9th floor, Atlanta, Georgia 30326, Attention:
Prospectus Department, Email:
TruistSecurities.prospectus@Truist.com or Telephone: (404)
926-5906.
This press release is for informational purposes
only and it does not represent an offer to sell or the solicitation
of an offer to buy any of the Company’s common stock. There will be
no sale of common stock in any jurisdiction in which one would be
unlawful.
About VERBVerb Technology
Company, Inc. (Nasdaq: VERB), the market leader in interactive
video-based sales applications, transforms how businesses attract
and engage customers. The Company’s Software-as-a-Service, or SaaS,
platform is based on its proprietary interactive video technology,
and is comprised of a suite of sales enablement business software
products offered on a subscription basis. Its software applications
are available in over 60 countries and in more than 48 languages to
large enterprise and small business sales teams that need
affordable, easy-to-use, and quick-to-get-results sales tools.
Available in both mobile and desktop versions, VERB's applications
are offered as a fully integrated suite, as well as on a standalone
basis, and include verbLIVE (an Interactive Livestream eCommerce
and Shoppable Video and Webinar applications), verbCRM (a
White-labelled Interactive Video-based Customer Relationship
Management application), verbTEAMS (a Self On-boarding version of
verbCRM with built-in verbLIVE and Salesforce synchronization for
small businesses and solo entrepreneurs), verbLEARN (an Interactive
video and gamified Learning Management System application), and
verbMAIL (an interactive video mail solution integrated seamlessly
into Microsoft Outlook). With 200 employees, the Company maintains
offices in Newport Beach, California and American Fork,
Utah.
For more information, please visit:
www.verb.tech.
Follow VERB here:VERB on
Facebook: https://www.facebook.com/VerbTechCo/VERB on
Twitter: https://twitter.com/VerbTech_CoVERB on
LinkedIn: https://www.linkedin.com/company/verb-tech/VERB on
YouTube:
https://www.youtube.com/channel/UC0eCb_fwQlwEG3ywHDJ4_KQDownload
verbMAIL here: verbMAIL on Microsoft AppSource Store
FORWARD-LOOKING STATEMENTSThis
communication contains “forward-looking statements” as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve risks and uncertainties and
include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or
achievements, and may contain words such as “anticipate,” “expect,”
“project,” “plan,” or words or phrases with similar meaning.
Forward-looking statements contained in this press release relate
to, among other things, the Company's projected financial
performance and operating results, including SaaS Recurring
Revenue, as well as statements regarding the Company's progress
towards achieving its strategic objectives, including the
successful integration and future performance of acquisitions and
performance of SoloFire. Forward-looking statements are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties, including, but not limited to 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. 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.
Investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q, for additional information
regarding the risks and uncertainties that may cause actual results
to differ materially from those expressed in any forward-looking
statement. 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
Contact:888.504.9929investors@verb.techMedia
Contact:855.250.2300,
ext.107info@verb.tech
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