Thursday, May 02, 2024 8:41:13 AM
May 2, 2024
VERB’s Healthy Balance and Enhanced
Shareholder Equity Behind Nasdaq’s Grant
of 6-Month Extension to Regain
Compliance With Bid Price Rule
Fully-Funded Business Plan, Excess Cash On Balance Sheet, Debt
Slashed, No Going Concern Opinion, Under-Performing Assets Sold And
Restructuring Complete, VERB’s MARKET.live Business Positioned For
Success
LOS ALAMITOS, Calif. and LAS VEGAS, May 02, 2024 (GLOBE NEWSWIRE) -- Verb
Technology Company, Inc. (Nasdaq: VERB) ("VERB" or the "Company"), the force behind
MARKET.live, the popular livestream social shopping platform, today announces that
Nasdaq Capital Market has granted the Company an additional 180-day period – until
October 28, 2024 - to regain compliance with the $1.00 minimum closing bid price
requirement (the “Bid Price Rule”).
In determining whether to grant the Company an extension to regain compliance with the Bid
Price Rule for continued listing on the Nasdaq Capital Market, Nasdaq concluded, among
other things that the Company met all of the continued listing requirements and all other
applicable requirements for initial listing on the Nasdaq Capital Market, with the sole
exception of the minimum bid price requirement.
That conclusion was based, in part, on the Company’s compliance with the $2.5 million
minimum shareholder value requirement, a deficiency the Company cured earlier this year
when it announced via Form 8-K dated April 25, 2024, that its shareholder value as reflected
on its March 31, 2024 balance was approximately $14 million. This represents an increase of
approximately $15.8 million over the shareholder equity reported just 10 months ago on its
Form 10-Q for the period ending June 30, 2023.
Moreover, the disclosures concerning the Company’s audited financial statements, as set
forth in its 2023 Form 10-K filed on April 1, 2024 (the “Form 10-K”), for the first time do not
contain a “Going Concern” opinion.
Indeed, the Company also disclosed in the Form 10-K that it had cash and cash equivalents
of approximately $14.2 million and notes payable of approximately $1.2 million. This
represents an increase in cash and cash equivalents of $10.9 million and a decrease in
notes payable of approximately $7.3 million over the same period last year as previously
disclosed in the Company’s 2022 Form 10-K filed on April 17, 2023.
The Company also stated in the Form 10-K that “[W]e believe that our enhanced cash
position coupled with our substantially reduced current operating costs means our operations
are fully funded for at least the next 14 months, and possibly longer subject to revenue
generation during that period. As a result, we have alleviated substantial doubt about the
Company’s ability to continue as a going concern.”
“It is not possible to overstate the extraordinary achievements of our management team over
the past 12 months in completely over-hauling, recapitalizing, and restructuring every single
area of the business,” stated Rory J. Cutaia, VERB CEO. “We have added more than $15
million dollars in cash to our balance sheet through the issuance of straight at-the-marketpriced common shares – that means without crazy below market-price stock issuances to
short-selling hedge funds or ridiculous warrant structures we see so prevalent today; we
retired almost all of our debt – only $1.2 million remains, sold-off all our under-performing
assets, slashed our operating expenses, fully-funded for the foreseeable future and added
rocket-fuel to our extremely exciting MARKET.live business, and positioned the Company
for real, measurable, business fundamental-based, success – literally against all odds and
contrary to the beliefs of all the nay-sayers who said it couldn’t be done.”
Okay, you can continue with your mud slinging fest again.
Recent VERB News
- VERB’s MARKET.live Unveils Major TikTok Shop Technology Expansion • GlobeNewswire Inc. • 06/20/2024 12:30:00 PM
- Form QUALIF - Notice of Qualification [Regulation A] • Edgar (US Regulatory) • 06/12/2024 04:15:02 AM
- Form 1-A/A - Offering Statement [Regulation A]: [Amend] • Edgar (US Regulatory) • 06/07/2024 09:26:17 PM
- Form 1-A - Offering Statement [Regulation A] • Edgar (US Regulatory) • 05/31/2024 09:29:18 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 05/10/2024 09:10:25 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 09:00:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 09:00:29 PM
- VERB’s Healthy Balance and Enhanced Shareholder Equity Behind Nasdaq’s Grant of 6-Month Extension to Regain Compliance With Bid Price Rule • GlobeNewswire Inc. • 05/02/2024 12:15:00 PM
- VERB's MARKET.live x TikTok Shop Partnership Event Draws Over 300 Attendees • GlobeNewswire Inc. • 04/30/2024 12:11:00 PM
- VERB's MARKET.live Adds Another 100 Retail Brands to Its Livestream Social Shopping Platform • GlobeNewswire Inc. • 04/22/2024 12:00:00 PM
- VERB’s MARKET.live x TikTok Shop Partnership Event Set for April 25th • GlobeNewswire Inc. • 04/11/2024 12:00:00 PM
- VERB's MARKET.live Livestream Shopping Business Plan is Now Fully Funded • GlobeNewswire Inc. • 04/02/2024 01:37:56 PM
- VERB's MARKET.live Enters Into Formal Partnership With TikTok for Livestream Shopping Services • GlobeNewswire Inc. • 03/27/2024 11:23:00 AM
- VERB's MARKET.live Adds 100 More Retail Brands to its Livestream Social Shopping Platform • GlobeNewswire Inc. • 03/18/2024 11:23:00 AM
- VERB's MARKET.live Launches Facebook and Instagram Social Shopping Technology Integration • GlobeNewswire Inc. • 03/15/2024 12:30:00 PM
- VERB's MARKET.live Welcomes 50 More Retail Brands to Its Livestream Social Shopping Platform • GlobeNewswire Inc. • 03/12/2024 12:30:00 PM
- VERB’S MARKET.live Second Frankie Avalon Livestream Shopping Show Draws More Than 25,000 Viewers • GlobeNewswire Inc. • 02/29/2024 01:30:00 PM
- Form 1-A/A - Offering Statement [Regulation A]: [Amend] • Edgar (US Regulatory) • 02/23/2024 10:00:32 PM
- Verb’s MARKET.Live Frankie Avalon Livestream Shopping Series Attracts Large Audience of Fans and Followers • GlobeNewswire Inc. • 02/20/2024 01:30:00 PM
- VERB's MARKET.live Welcomes 15 More Trendsetting Retail Brands to Its Livestream Social Shopping Platform • GlobeNewswire Inc. • 02/15/2024 01:30:00 PM
- Form 1-A - Offering Statement [Regulation A] • Edgar (US Regulatory) • 02/14/2024 10:15:27 PM
- VERB’s MARKET.live Announces Launch of Frankie Avalon’s Livestream Shopping Show • GlobeNewswire Inc. • 02/12/2024 01:30:00 PM
- VERB's MARKET.live Announces the Addition of 10 More Trendsetting Retail Brands to Its Livestream Social Shopping Platform • GlobeNewswire Inc. • 02/06/2024 01:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/05/2024 01:30:28 PM
- VERB's MARKET.live Announces the Addition of 5 More Distinctive Retail Brands to its Livestream Social Shopping Platform • GlobeNewswire Inc. • 01/23/2024 01:30:00 PM
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