Verb Technology Company, Inc., 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”).
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“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.
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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.
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.