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Verb Technology | 8-K: Unaudited pro forma condensed consolidated balance sheet

SEC announcement ·  Feb 5 08:32
Summary by Moomoo AI
Verb Technology Company, Inc., a Nevada-based company listed on The Nasdaq Stock Market under the trading symbol VERB, has reported significant financial developments in a recent Form 8-K filing with the SEC dated February 2, 2024. The company disclosed that as of June 30, 2023, its total stockholders' equity was negative $1,818,000, which did not meet NASDAQ's minimum requirement of $2,500,000 for continued listing. Following a notice from NASDAQ on August 18, 2023, Verb Technology submitted a compliance plan on October 9, 2023, and was granted an extension until February 14, 2024, to meet the listing requirements. In efforts to regain compliance, Verb Technology entered into a Securities Purchase Agreement with Streeterville Capital, LLC on December 29, 2023, selling 3,000 shares of non-convertible Series C Preferred Stock for $3,000,000. This sale, along with...Show More
Verb Technology Company, Inc., a Nevada-based company listed on The Nasdaq Stock Market under the trading symbol VERB, has reported significant financial developments in a recent Form 8-K filing with the SEC dated February 2, 2024. The company disclosed that as of June 30, 2023, its total stockholders' equity was negative $1,818,000, which did not meet NASDAQ's minimum requirement of $2,500,000 for continued listing. Following a notice from NASDAQ on August 18, 2023, Verb Technology submitted a compliance plan on October 9, 2023, and was granted an extension until February 14, 2024, to meet the listing requirements. In efforts to regain compliance, Verb Technology entered into a Securities Purchase Agreement with Streeterville Capital, LLC on December 29, 2023, selling 3,000 shares of non-convertible Series C Preferred Stock for $3,000,000. This sale, along with a debt reduction of $5,486,214 from June 30 to December 31, 2023, has led the company to believe that its total stockholders' equity as of December 31, 2023, is now $3,125,000, potentially satisfying NASDAQ's equity requirement. The unaudited balance sheet as of December 31, 2023, has been attached to the report as Exhibit 99.1. NASDAQ will continue to monitor the company's compliance with the equity requirement, and failure to maintain compliance could result in delisting at the time of the next periodic report.

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