VERB Technology Company, Inc. Announces $11.0 Million Registered Direct Offering Priced At-The-Market
April 21 2022 - 8:30AM
Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the
“Company”), a leader in interactive video-based sales enablement
applications, including shoppable livestream, today
announced it has entered into a securities purchase agreement
with institutional investors for the purchase and sale of
14,666,667 shares of its common stock at a purchase price of $0.75
per share and warrants to purchase 14,666,667 shares of its common
stock at an exercise price of $0.75 per share (together the
“Securities”) in a registered direct offering priced at-the-market,
resulting in total gross proceeds of approximately $11.0 million
before deducting placement agent commissions and other estimated
offering expenses. The warrants will become exercisable six months
following the date of issuance and will expire five years following
the date on which the warrants are initially exercisable. The
closing of the offering and sale of the Securities is expected to
occur on or about April 25, 2022 subject to the satisfaction of
customary closing conditions.
A.G.P./Alliance Global Partners is acting as the
sole placement agent for the offering.
This offering is being made pursuant to a
“shelf” registration statement on Form S-3 (File No. 333-264038)
previously filed with and declared effective by the U.S. Securities
and Exchange Commission (the “SEC”) on April 14, 2022. A
prospectus supplement describing the terms of the proposed offering
will be filed with the SEC and will be available on the SEC’s
website located at http://www.sec.gov. Electronic copies of the
prospectus supplement may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com.
Before investing in this offering, interested
parties should carefully review the prospectus supplement and the
accompanying prospectus, as well as the other documents that the
Company has filed with the SEC that are incorporated by reference
in the prospectus supplement and the accompanying prospectus, which
provide more information about the Company and the offering.
This press release is for informational purposes
only and shall not constitute an offer to sell or the solicitation
of an offer to buy these Securities, nor shall there be any sale of
these Securities, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About VERB
Verb 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, the
Company is headquartered in American Fork, Utah, and also maintains
offices in Newport Beach, California. For more information, please
visit: www.verb.tech.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
about the Company’s ability to consummate the offering, the timing
of the closing of the offering, and the filing of a prospectus
supplement. These forward-looking statements relate to future
events and involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements
to be materially different from any results, performance or
achievements expressed or implied by the forward-looking
statements. Some of these risks, uncertainties and other factors
are described in the Company’s filings with the SEC, including its
Annual Reports on Form 10-K and Quarterly Reports Form 10-Q, as
well as in the registration statement and prospectus relating to
the offering. The forward-looking statements in this press release
are based on information available to us as of the date hereof.
Except as required by law, we undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
Investor Relations: 888.504.9929 investors@verb.tech
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