Verb Technology Company Inc (VERB)

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https://www.globenewswire.com/news-release/2022/10/26/2541823/0/en/Verb-Technology-Company-Inc-Announces-4-0-Million-Registered-Direct-Offering.html

Verb Technology Company, Inc. Announces $4.0 Million Registered Direct Offering

October 26, 2022 08:30 ET | Source: Verb Technology Company, Inc.

NEWPORT BEACH, Calif. and LEHI, Utah, Oct. 26, 2022 (GLOBE NEWSWIRE) -- 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 securities purchase agreements with institutional investors for the purchase and sale of 12,500,000 shares of the Company’ common stock, par value $0.0001 per share (the “Common Shares”), pursuant to a registered direct offering (the “Offering”), and warrants to purchase up to 12,500,000 Common Shares (the “Warrants”). The combined purchase price for one Common Share and one Warrant will be $0.32. The Warrants will have an exercise price of $0.34 per Common Share, will be exercisable six months following the date of issuance and will expire five years from the initial date of exercise.

The aggregate gross proceeds from the Offering will be approximately $4.0 million before deducting fees and other estimated expenses. The Company expects to use the net proceeds from the Offering for working capital and other general corporate purposes. The Offering is expected to close on or about October 28, 2022, subject to the satisfaction of customary closing conditions and the receipt of regulatory approvals.

A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

The Company has also amended the terms of the warrants issued to certain institutional investors in the April 2022 registered direct offering that are also purchasing shares in this Offering to reduce the exercise price of such warrants to $0.34 and to provide that the warrants will be exercisable commencing six months from the date of the amendment.

The 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 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 [phone], or by email at [e-mail].

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.

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