VERB Announces At The Market Equity Offering Program
NEWPORT BEACH, Calif. and SALT LAKE CITY, Nov. 16, 2021 (GLOBE NEWSWIRE) — 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.
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 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.
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This 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.
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