Verb Technology Company, the force behind the cutting-edge MARKET.live, an innovative multi-vendor, multi-presenter livestream social shopping platform, has successfully concluded a $3 million preferred stock financing. The company’s CEO, Rory J. Cutaia, lauded the deal as uniquely structured and highly advantageous to both the company and its existing shareholders.
This preferred stock, totaling 3,000 shares, comes with a non-convertible feature, ensuring it remains distinct from the company’s common shares and, consequently, poses no dilution risk to current stockholders. The announcement, however, triggered a downturn in the stock’s pre-market trading, causing it to open at $0.13 on Friday, a slight decrease from Thursday’s closing price of $0.16.
At the time of this publication, Verb Technology Company Inc stock (VERB) has witnessed a decline.
Verb Technology Company Inc
Current Price: $0.14
Change : -0.03
Change (%): (-16.37%)
Volume: 4.9M
Source: Tomorrow Events Market Data
Cutaia expressed satisfaction with the financing, emphasizing its strategic significance in driving the company’s growth initiatives as they embark on 2024. He highlighted the positive impact the funding would have on the company’s shareholder equity, expecting it to be reflected in the upcoming year-end balance sheet.
The securities purchase agreement, executed on December 29, 2023, outlines the details of the transaction between Verb Technology Company and an existing family office investor. The investor acquired 3,000 shares of the newly designated non-convertible Series C Preferred Stock at a total cost of $3,000,000. Each of these preferred shares carries a 10% stated annual dividend, no voting rights, and a face value of $1,300.
The completion of the Preferred Shares sale transpired on the same day as the agreement, marking a significant milestone for the company. The financing has been earmarked to propel the growth of MARKET.live, the company’s livestream social shopping platform, and to support general corporate initiatives. The Securities Purchase Agreement includes standard representations and warranties from both the company and the investor, ensuring transparency and accountability in the deal.
Verb Technology Company is strategically positioning itself for a robust start to 2024 with this stock financing, anticipating that it will play a pivotal role in executing its growth strategies. The company remains optimistic about the positive impact this funding will have on shareholder equity, reflecting its commitment to innovation and expansion in the dynamic realm of livestream social shopping.
