VERB Regains Nasdaq Listing Compliance
28 Ottobre 2024 - 1:30PM
Verb Technology Company, Inc. (Nasdaq: VERB)
("VERB" or the "Company"), the company behind
MARKET.live, a leading livestream social shopping
platform, and
GO FUND YOURSELF!, a TV show and
innovative new platform disrupting the crowd funding industry,
today announced that on October 23, 2024, the Company received a
letter from the Nasdaq Stock Market stating that the Company had
regained compliance with the minimum bid price requirement of $1.00
per share for continued listing on the Nasdaq Stock Market, as set
forth in Nasdaq Listing Rule 5550(a)(2).
Separately, the Company today announces that it has begun an
investigation of apparent price manipulation in the trading of its
shares following the Company’s announcement of a stockholder
approved reverse stock split.
On October 4, 2024, the Company announced that its stockholders
had voted to authorize its Board to implement a 1-for-200 reverse
stock split in order to retain the Company’s Nasdaq listing and
that the shares would begin trading on a split-adjusted basis on
October 9, 2024.
Prior to the foregoing announcement, the Company estimates that
there were approximately 40,000 beneficial owners of the Company’s
stock. Assuming every single shareholder was entitled to a round-up
share, which is highly unlikely, that would mean the Company would
issue 40,000 shares to address any stockholders left with a
fractional share following the reverse split. However, post-split,
certain recently identified brokerage firms and clearing houses
have requested roundup shares totaling more than 260,000 shares of
the Company's common stock - notwithstanding the fact that the
Company’s total public float immediately post-split was less than
800,000.
Not coincidentally, the Company became aware of a significant
increase in short positions in its stock at or around the same time
– and around the same number of round-up shares as those requested
by these brokerages and clearing houses.
And VERB is not the only company who has been subject to this
same apparent manipulation. The Company knows of at least two other
companies who are experiencing the same thing. The Company’s
management is in communication with leadership at other affected
companies and is seeking to coordinate efforts while actively
pursuing the engagement of securities fraud counsel to investigate
the facts, determine if there has been illicit activity affecting
the Company, and if so, moving aggressively to hold those
responsible accountable through swift private legal action as well
as through the intervention of securities regulators.
“Do not underestimate our resolve to protect our company and our
stockholders,” stated Rory J. Cutaia, VERB Chairman & CEO. “For
those of you waiting to receive your 260,000 round-up shares,
here’s some advice, don’t hold your breath.”
About VERB Technology Company Verb
Technology Company, Inc. (NASDAQ: VERB), is the innovative force
behind interactive video-based social commerce. The Company’s
MARKET.live platform is a multi-vendor, livestream social shopping
destination at the forefront of the convergence of ecommerce and
entertainment, where brands, retailers, creators, and influencers
engage their customers, clients, fans, and followers across
multiple social media channels simultaneously. GO FUND YOURSELF!,
is a revolutionary interactive social crowd funding platform for
public and private companies seeking broad-based exposure across
social media channels for their crowd-funded Regulation CF and
Regulation A offerings. The platform combines a ground-breaking
interactive TV show with MARKET.live’s back-end capabilities
allowing viewers to tap on their screen to facilitate an
investment, in real time, as they watch companies presenting before
the show’s panel of “Titans”. Presenting companies that sell
consumer products are able to offer their products directly to
viewers during the show in real time through shoppable onscreen
icons. The Company is headquartered in Las Vegas, NV and operates
full-service production and creator studios in Los Alamitos,
California and Philadelphia, PA.
FORWARD-LOOKING STATEMENTS 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. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based
only on our current beliefs, expectations and assumptions regarding
the future of our business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, those identified in our filings with the
Securities and Exchange Commission (the “SEC”), including our
annual, quarterly and current reports filed with the SEC and the
risk factors included in our annual report on Form 10-K filed with
the SEC on April 1, 2024. Any forward-looking statement made by us
herein is based only on information currently available to us and
speaks only as of the date on which it is made. We undertake no
obligation to publicly update any forward-looking statement whether
as a result of new information, future developments or
otherwise.
Investor Relations:investors@verb.tech
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