Verb Technology Company, Inc. (Nasdaq:
VERB) ("VERB" or the "Company"), the leader in interactive
video-based sales enablement applications, including shoppable
livestream, today reported financial and operating results for the
full year and the quarter ending December 31, 2021, and held an
earnings conference call at 5 p.m. ET to discuss these results.
Prepared remarks of the management team during the conference call
are provided below.
Management Prepared
RemarksVERB 2021 Fourth Quarter and Full-Year
Financial Results Conference CallThursday, March
31, 2022, 5 p.m. ET
Company ParticipantsRory J.
Cutaia, CEOSalman Khan, CFO
Operator:
Good afternoon and welcome to the full-year and
fourth quarter 2021 Financial Results Conference Call for Verb
Technology Company, Inc. At this time, all participants are in a
listen-only mode. Please be advised, the call is being recorded at
the Company’s request.
On our call today are Rory J. Cutaia, CEO, and
Salman Khan, CFO.
Before we begin, I’d like to remind everyone
that statements made during this conference call will include
forward-looking statements under the Safe Harbor provisions of the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties that can cause actual results to differ
materially. Forward-looking statements speak only as of the date
they are made, except as required by law, as the underlying facts
and circumstances may change. Verb Technology Company disclaims any
obligations to update these forward-looking statements, as well as
those contained in the Company’s current and subsequent filings
with the SEC.
I would now like to turn the call over to Rory
J. Cutaia, CEO. Rory?
Rory Cutaia:
Thank you, moderator, and thanks to everyone for
joining us today for our fourth quarter and full-year 2021
financial results and business update conference call. There have
been so many notable developments over the past year – it’s not
possible within the time allotted for this call to discuss every
one of them so I’m going to cover those things that I think our
shareholders are most interested in hearing about. Let’s get
started.
So, – here we are in 2022 – more than 2 years
into the decade that began with a global pandemic which now seems
was meant to test our mettle and prepare us for what we now know
were even more challenges that still lay ahead, including the
surprising market meltdown over the past 4 months - and continued
share price volatility across the board - purportedly caused by the
uncertainty of soaring inflation – the highest in more than 40
years, rising interest rates, an insane war in eastern Europe,
global warming, and now a new covid strain.
Seems like a good time to hunker down, pull
back, wait it out, put your dreams and big plans on hold, and cross
your fingers and hope that it all works itself out. But not here at
Verb – hunkering down has never been something we’ve been very good
at – frankly, I’m not even sure I know what the heck that means. In
fact, over the past two and a half years, we’ve been pushing
forward – not pulling back – dreaming big and executing bigger, and
the only things we’re crossing are the items off all our to-do
lists as we hit one milestone after another.
Fortunately, or unfortunately, I’m old enough to
have lived through the market ups and downs over the past 20 plus
years – and while I’m no expert, I can say with complete confidence
that the market always comes back – always. The companies that win
are those that make sure they’re well positioned to ride the crest
of the comeback wave, or it will wash over you. The investors that
win are those that identify the companies and the management teams
that develop solid plans and execute solid strategies and keep
moving forward through the storms.
And even if you agree that the market will come
back, waiting idly on the sidelines for it to happen is not a
winning tack. I don’t subscribe to the philosophy that a rising
tide lifts all boats – if you didn’t repair the cracks in it - and
if you didn’t put up that new sail - you’ll be left at the
dock.
So today I’m going to talk about how we’ve fixed
the cracks – in particular – how, as promised, we’ve reduced rather
dramatically our total operating costs as we drive in earnest to
reach cash flow positive and profitability and reduce our reliance
on outside growth capital.
And I will also talk about the new sail we’ve
raised – specifically – MARKET – what many believe is the world’s
best end-to-end livestream shopping platform, and what we believe
will be the biggest value creator for our shareholders and
ourselves this year and beyond.
But first, I want to share the 2021 results of
our SaaS business, that’s our suite of sales tools software
designed principally for the direct sales industry, that has been
our bread and butter since it was launched in April 2019 – almost
exactly 3 years ago.
At that time, as many of you that have been part
of our journey since then – and yes, I’m referring to our longs, to
whom we remain extremely grateful – well you may recall that our
mission was to be the dominant player in the space, to be the
recognized leading provider of sales software for the direct sales
industry.
Well, today, just three years later – and much
to the chagrin of a few remaining wanna-be competitors – we ARE the
undisputed dominant player in the space – now far ahead of the
pack.
And as we continue to add cutting-edge products
to our suite of sales tools and phase-out of our low-margin
non-digital business, our SaaS business has grown by double digits
every year since then – year over year. And that growth has
continued notwithstanding the hit many businesses have taken during
24 months of a crushing Covid-19 pandemic.
Looking at our 2021 performance – our SaaS
recurring revenue was $6.8 million – up 34% over 2020.
Total Digital revenue – of which SaaS recurring
revenue is a component – was $8.2 million – up 26% over 2020.
Notably, we ended 2021 with SaaS recurring
revenue once again representing a larger and larger percentage of
our Total Digital revenue – 84%, up from 79% in 2020.
Our focus has always been growing our SaaS
recurring revenue products and services and these are the metrics
we track to measure our success.
I would also note that we’ve successfully
reduced our low-margin non-digital business another 32% over last
year – and associated costs, while we continue to wind that down.
And yet, even with that reduction, total revenue – which we don’t
consider an indicator of our performance since we’re winding down
the non-digital business – was still up over 2020 at $10.5
million.
Fourth quarter, which, historically, is the
slowest time in the direct sales space, has our Total Digital
revenue up 45% over 2020, and our SaaS recurring revenue up 47%
over 2020. In fact, we set a new record in the fourth quarter for
SaaS recurring revenue of more than $1.9 million – the highest in
the Company’s history.
As I said earlier, I believe strongly that
MARKET will be the biggest value creator for our shareholders this
year and beyond. However, in 2022, we’re also anticipating
meaningful revenue growth outside of MARKET – I’m referring to
meaningful growth from three principal areas of our SaaS business;
our direct sales vertical, life sciences, and our new sports
vertical.
First and foremost, our direct sales business.
As you know, last year we released verbLIVE with Attribution and we
released PULSE, each as add-on features to our bread-and-butter
verbCRM sales enablement platform. Our large enterprise customers
with a lot of non-US-based sales reps have been killing it with
verbLIVE.
However, during the free-trial period we offered
many of our clients, we noticed slower adoption among US-based
sales reps. We spent considerable time analyzing the different
use-cases, identifying needs unique to the direct sales space and
brought in a new product team to respond to those needs. Several
months ago, we began developing what we call verbLIVE 2.0 –
specifically for the direct sales industry.
The result is that we now have a backlog of tens
of thousands of sales reps – many of whom served as beta testers
for us – waiting anxiously for the release of verbLIVE 2.0, which
is on-track for commercial release this summer. Upon release, we
expect a large percentage of these will convert to additional
subscription-paying, recurring-revenue-generating users, which we
believe will dramatically increase our Average Revenue Per User,
and our SaaS recurring revenue overall. Coupled with PULSE, our
AI/BI add-on for verbCRM, we believe this will be the biggest year
in our history for our direct sales business, putting even greater
distance between VERB and our would-be competitors. Separately, as
a result of recent changes we’ve made in our marketing outreach,
we’re seeing a marked increase in opportunities in life sciences
vertical. By the way, verbMAIL Pro has been released and we’re
implementing an entirely new marketing strategy around that. I’ll
be sharing more about that in upcoming news releases.
In Q4, we launched a new business unit for VERB
– our professional sports unit, built on our verbTEAMS sales
enablement platform. We started with the announcement of the
Pittsburgh Penguins in October, and since then, we’ve built an
impressive sales pipeline of professional sports teams both in the
US and in other countries. We announced the Florida Panthers last
month, we announced the Phoenix Suns this week, and many more
announcements are expected. And yes – it is my expectation that
there will be MARKET and verbTV implications for the sports teams
signing up to use our verbTEAMS sales enablement platform. Stay
tuned.
Before I get to MARKET, let me share our
progress on operational efficiencies I talked about in our last
earnings call and quantify the impact of those initiatives. As you
know, I’ve talked openly about how we ramped up – rather
considerably over the past two years – the expenses associated with
the development of verbLIVE, Attribution, PULSE, verbMAIL, LEARN,
and certainly MARKET in order to shorten what would have otherwise
been a much longer time to market for these products – and their
associated revenue streams.
This is obviously not a unique strategy, though
it is a bold one – especially for a company our size. We’ve taken a
fair amount of heat for the pressure the execution of this strategy
put on our share price as many investors couldn’t see past the
operating cost line in our P&L and weren’t able to wrap their
heads around the additional revenue these initiatives could
produce.
I believe that the results of these initiatives,
which will take a bit of time to be fully reflected in our P&L,
will more than offset the short-term pain we’ve all endured as it
is our hope and expectation that the increased revenues from these
products, coupled with higher margins and vastly reduced operating
costs will translate into meaningfully higher share prices and
significantly greater long-term value moving forward.
As those products have now begun commercial
release, with several more finding commercial release this summer,
and as their associated development costs continue to fall away as
predicted, we have identified very specific cost reductions that we
expect will cause our total annualized operating costs to be
reduced by up to $8.5 million. Any new expenses associated with
MARKET, we expect will be more than offset by new MARKET
revenue.
And that’s just the beginning as we have since
identified many other operational efficiencies we will begin
implementing. For example, we’ve recruited high-quality marketing
professionals that have implemented sweeping changes to our
marketing strategies that have begun to produce substantially more
qualified leads with much higher close ratios at a significantly
lower marketing spend – up to a million dollars a year lower. We’ve
also embraced a permanent work from home policy for many of our
employees as we’ve actually seen improvements in productivity rates
in many areas of the business using new management strategies we
developed during the forced social distancing imposed by COVID. As
a result, we were recently able to downsize our Utah offices
resulting in significant monthly expense reductions.
While we are indeed fortunate that there
continues to be very strong interest in Verb from the investment
community, assuring us access to capital as and when we want it,
these changes, among others, changes that are producing
quantifiable results, are the things I committed to deliver in our
drive to profitability and reduced reliance on the capital markets.
This is especially important as we face the uncertainties this
crazy world throws at all of us every day and the impact these
uncertainties place on the capital markets.
Ok – let’s talk about MARKET, our multi-vendor,
livestream social shopping ecommerce platform – unlike anything
else in the market today – that we believe will disrupt online
shopping as we know it – a platform that represents the true
convergence of entertainment and social shopping. I’m thrilled with
how this platform has lived up to my vision for it and I want to
recognize the brilliant developers who have made this a reality,
and I look forward to introducing them to all of you soon enough.
As I predicted, and as I now see playing out during the current
soft launch, I believe that not only will MARKET be an additional
distribution channel for countless brands and retailers, among
others, but it will likely become the sole distribution outlet for
many, where vendors’ storefronts on MARKET will replace their own
websites.
I foresee creators looking for greater control
of their content and influencers looking for better monetization
opportunities and more direct engagement with their fans and
followers coming to MARKET and opting to build their base of
followers on MARKET over YouTube and other social media platforms.
And I foresee more and more manufacturers coming to MARKET looking
to adopt a new D2C – direct-to-consumer strategy to increase
margins and profitability. MARKET offers all of that and more.
As you’ve heard me say countless times, MARKET
is a big deal – it’s the real deal – and a tremendous amount of
work, time, and money has gone into developing our go-to-market
strategy utilizing some of the brightest, talented, and
knowledgeable people in the world in the livestream shopping
space.
The soft launch period we are currently in, and
the festivals – or the mega events as you’ve heard me refer to
them, three of them that we’ve been planning – are all part of a
highly orchestrated, highly coordinated effort to ensure the
maximum success of MARKET for us and for all of you. Please bear
with us, please be patient – believe me – I know – you know I know
– I am the most impatient person known to man. I want it all
yesterday and I want to say to heck with the rules and damn the
waiting – I want to share everything with all of you right now. But
fortunately, I surround myself with people way smarter than me –
who believe in MARKET – whose passion for what the journey to
MARKET has been and for what they believe MARKET will become, that
keep me and my unbridled exuberance in check.
But I do need to say, stop trolling my team,
stop the crazy social posts, stop criticizing the people who are
working to deliver something truly special – something truly
valuable for our shareholders – simply because we haven’t invited
you in to see it yet – while we continue to execute the most
effective go-to-market strategy we believe MARKET deserves – that
our shareholders deserve. Some people actually believe that the
moment the platform was built and tested, we should have opened it
up to the public - and are upset that we haven’t.
If you’re a real shareholder who cares about the
value of your investment – do you think it’s going to make your
shares more valuable to criticize the Company on social media with
unjustified, uninformed rants? Come on guys. Let us do our work.
Let us deliver on the promise. Step back – relax, take it easy –
we’ve got this.
So, before I share a few stats that I hope will
shed light on some of what’s going on behind the scenes at MARKET,
let me first reiterate what the MARKET soft launch actually means
for those of you that haven’t seen any of the recent interviews of
me, or those of several other members of my team, who have been
asked about MARKET during those interviews.
The soft launch is the period of time that we
are actively soliciting vendors, retailers, brands, creators, and
influencers – among others – to sell products and services on
MARKET – not just those that participated in the beta tests. We are
verifying, qualifying, selecting and categorizing sellers. For
those we’ve already selected to be on MARKET, we are onboarding
them and assisting them in setting up their stores, their ecommerce
facilities, their inventories, product and digital assets. We are
training them how to use the platform and we’re providing coaching
on how to sell – (not just be an influencer or make fun-to-watch
videos) and connecting them with professional hosts and onscreen
sales coaches.
We’re actually building a stable of professional
hosts as we expect many sellers will opt to pay for professional
hosts to work with during the livestream or handle the livestream
selling entirely to ensure the highest levels of viewer engagement
and sales revenue. We’re creating video assets that will be
available on MARKET that will provide the resources for vendors to
onboard themselves with little to no assistance from our staff so
we can ensure that the platform scales up more rapidly. We’re
encouraging vendors to learn how to get the most out of the
platform by hosting private livestream events every week. We’re
encouraging them to learn how to use the multi-presenter features,
including remote presenters, how to produce professional-looking
livestreams using the multiple camera features, among many other
amazing features we’ve built into this platform.
We’re doing all this because we want to make
sure that when the public is invited to see all of MARKET, they’ll
find an engaging, consuming, fun, enjoyable, expansive, and truly
unique social shopping experience – that they want to come back to
– that they want to invite their friends to, where they will form
trusting relationships with hosts and sellers as well as with other
shoppers – where they want to spend money.
So, we’re targeting mid-summer for the festivals
– some will take place over the course of two or more days. The
categories for the three festivals are food and beverage, wellness,
and a combined fashion and cosmetics festival. They will all be
public facing and will signify the public launch of MARKET. Exact
dates will be set and announced as we continue to confirm the
vendors participating in each category and corresponding product
inventories. It is possible, maybe even likely, that there will be
at least one or more smaller public facing events before the
festivals. We’ve engaged pros that are managing and coordinating
all of this.
Onboarding is ongoing, virtually every day. At
last count, I’m told we could be up to more than a hundred vendors
on the platform by the end of the week and a list of thousands that
we are furiously working through. Please don’t submit a request to
be a vendor on MARKET unless you are a real seller – with a real
business – not just a curious investor. That’s not a productive use
of our time.
Separately, we’re building a list of prospective
shoppers who want to shop on MARKET as soon as it’s released to the
public. At last count I’m told we had over 10,000 names and growing
daily.
And yes – there’s big name brands that want to
be part of MARKET and no, we cannot disclose any names at this
time. Please understand that we must respect the policies of these
brands, or we jeopardize their involvement with the platform.
Lastly, before I turn it over to our new CFO
Salman Khan for more detail around our reported financial
performance, as well as the recent financings we secured to assure
the uninterrupted execution of our plans for MARKET, among other
things, let me share two more things. The planned acquisition I’ve
discussed previously is still on track and we’ll release
information in a timely manner through the appropriate channels and
filings. There are other incredibly exciting business opportunities
in the works, and amazing new talent coming aboard, that we’ll
disclose as and when appropriate. Stay tuned.
And finally, among the amazing members of my
team who are unrelenting in their efforts to deliver value everyday
– I want to recognize my COO Denise Butler for her work on our ESG
initiatives, and our work through Verb for Humanity, including our
most recent efforts on behalf of so many people impacted by the
Russian invasion of Ukraine. I also want to reiterate our
long-standing commitment to ESG initiatives as we have been one of
the earliest adopters of a formal ESG program among small and
micro-cap companies. Notably, we are very proud to have had our ESG
initiatives recently recognized by Nasdaq who hailed Verb as a
leader among small and micro-cap companies in ESG implementation.
In fact, Verb was the subject of a recent Nasdaq case study,
available on Nasdaq’s site, applauding our ESG efforts and
showcasing Verb’s efforts as an example of how all companies, large
and small, can, and should embrace and implement ESG policies.
Ok – with that – I’ll turn it over to
Salman.
Salman Khan:
Thank you, Rory, and good afternoon, everyone.
I’d like to review our financial performance as reported in our
Form 10-K filed today, March 31, for the year ended December 31,
2021. I may reiterate and/or provide more color around some of the
data points Rory shared with you.
The following compares the Company’s results of
operations for fiscal year 2021 with the previous year.
- Total SaaS recurring revenue, a component of total digital
revenue, was $6.8 million for FY 2021, up 34% over the previous
year.
- Total digital revenue of approximately $8.2 million was up 26%
over the previous year
- SaaS recurring revenue as a percentage of total digital revenue
was 84%, compared with 79% for the previous year.
- Total SaaS recurring revenue for the fourth quarter 2021 was
over $1.92 million, which as Rory said, is a new record for
recurring SaaS revenue recognized in a single quarter – and
congrats to our team for making that happen in what is historically
the slowest quarter in direct sales.
- As at the year ended December 31, 2021, we added 55 new client
contracts, with a guaranteed base value of $3.3 million. We expect
to generate annual recurring revenue of approximately $1.5 million
from these engagements, which does not include revenue that we
anticipate to recognize from new and existing clients launching
verbLIVE 2.0 with Attribution, PULSE, and verbLEARN, as well as
revenue we expect from MARKET, verbTV, verbMAIL, and other as yet
unannounced initiatives.
- Until we completely phase out of our legacy non-digital
business, our Total Revenue will not be a reliable indicator of our
performance since it includes the revenue generated from both our
digital business, which is growing at a record pace, and our
non-digital business, which is declining as we exit that business.
For example, the non-digital business now represents only 22% of
total revenue, compared with 35% in 2020. But for transparency
purposes we will include Total Revenue in our discussion, which in
2021 was approximately $10.5 million. I do note, however, that our
growth rate in total revenue over the prior year is still up 6%
notwithstanding the offset of the non-digital business that we
continue to exit.
- As Rory mentioned today and in previous earnings calls, we made
a conscious decision to ramp up our research and development
investment, among other related expenses, in order to accelerate
the time to market for several major revenue generating features
and products. These included verbLIVE, Attribution, verbCRM,
verbTEAMS, PULSE, verbMAIL and MARKET. These increased investments
are partially reflected in 2021 research and development expenses
of $12.3 million, compared with $7.9 million in 2020.
- However, as Rory discussed, we have begun the move from R&D
mode to maintenance mode for many of our products allowing us to
reduce operational costs to more normalized levels. In establishing
our strategy to accelerate profitability and reduce reliance on
outside capital, we have implemented a series of specific cost
reductions, which we expect can result in a reduction of annualized
operational expenses by as much as $8.5 million. The planned
reductions began in the fourth quarter of 2021 and they will
continue throughout this year, with some of the biggest reductions
occurring in the latter half of this year.
- Since we began this process, and as I have begun my tenure here
as CFO, we have identified several areas of the business where we
can produce cost-saving efficiencies which we are in the process of
quantifying. We anticipate that these additional savings will help
offset any marketing increases we expect to incur as we promote the
public commercial release of our new MARKET platform and verbTV,
among other things.
- At December 31, 2021, we have capitalized software development
costs of $4.3 million attributed to the development of MARKET,
which we expect to depreciate in cost of revenue over a three-year
period.
- General and administrative expenses were $25.7 million, an
increase from the $20.5 million in the previous year, comprised of
the planned increases in labor costs as discussed previously of
$2.8 million, as well as certain expenses related to the
acquisition of SoloFire, offset by a decrease in share-based
compensation of $0.5 million. The increase also includes
approximately $1.1 million in marketing expenses. However, we have
begun implementing a top grading strict ROI approach to our
marketing spend and based on the efficiencies we’re now seeing, we
could see the increase eliminated almost entirely by as much as $1
million annualized over time.
- As at December 31, 2021, total assets were $34.4 million, total
liabilities were $21.1 million, and total stockholders’ equity was
$13.3 million.
- As Rory mentioned earlier, we are fortunate to be able to
access the capital markets and attract high-quality institutional
investors on better terms than many companies our size, which
speaks to the quality of our business plan execution and our
management team. On March 15, 2021, we completed a registered
direct offering with a small group of institutional investors which
resulted in gross proceeds of $15 million. It was a straight common
deal and an overnight transaction that did not include any
warrants.
- In August 2021, the Company entered into an at-the-market
issuance sales agreement with Truist Securities, Inc. that was
terminated in October 2021. In November 2021, the Company entered
into a new at-the-market issuance sales agreement with Truist that
would have permitted sales of the Company’s common stock of up to
$30 million in the aggregate.
- However, in January 2022, due to the rapidly changing market
conditions that began in December, we voluntarily reduced that
number from $30 million to $7.3 million and entered into a $6.3
million above-the-market convertible debt financing with three
institutional investors at favorable terms, as well as a
supplemental equity line of credit facility for the sale and
issuance of up to $50 million, inclusive of fees, in shares over
three years. The ELOC agreement is with Tumim Stone Capital, whose
Manager and General Partner 3i, L.P., has been a long-term investor
in VERB.
- As of March 25, there are 80,167,176 shares of our common stock
issued and outstanding. Of the total number of common shares issued
and outstanding, approximately 6.6 million shares or approximately
8.3% are owned or controlled by management and the Board
members.
I’d now like to turn the call back over to the
Operator for Q&A.
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 used by hundreds of thousands of people in over 100 countries
and in more than 48 languages. VERB’s clients include large
sales-based enterprises as well as small business sales teams,
including the sales and marketing departments of professional
sports teams. Of note is its forthcoming MARKET, a multi-vendor,
multi-presenter, livestream social shopping platform at the
forefront of the convergence of ecommerce and entertainment. With
approximately 170 employees and contractors, the Company is
headquartered in American Fork, Utah, and it also maintains offices
in Newport Beach, California.
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 StoreSign up for
E-mail Alerts here:
https://ir.verb.tech/news-events/email-alerts
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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