share_log

Verb Technology | 10-K: Annual report

SEC announcement ·  Apr 1 16:34
Summary by Moomoo AI
Verb Technology, a Nasdaq-listed company, has reported a series of financial transactions and business developments in its annual report. Financially, the company has engaged in both equity and debt financing activities. It sold Series C Shares for $3.0 million with a 10% annual dividend and no voting rights. Additionally, Verb Technology entered into agreements to sell over 27 million shares of common stock to institutional investors, raising $6.6 million without incurring banker fees. In debt financing, the company issued a promissory note for $5.5 million with a maturity of 18 months and monthly redemption payments capped at $0.6 million. VerbMarketplace, LLC, a subsidiary, guaranteed the obligations under the note. The company also settled a $1.0 million promissory note with Streeterville, bearing a 9% annual interest. Verb Technology's...Show More
Verb Technology, a Nasdaq-listed company, has reported a series of financial transactions and business developments in its annual report. Financially, the company has engaged in both equity and debt financing activities. It sold Series C Shares for $3.0 million with a 10% annual dividend and no voting rights. Additionally, Verb Technology entered into agreements to sell over 27 million shares of common stock to institutional investors, raising $6.6 million without incurring banker fees. In debt financing, the company issued a promissory note for $5.5 million with a maturity of 18 months and monthly redemption payments capped at $0.6 million. VerbMarketplace, LLC, a subsidiary, guaranteed the obligations under the note. The company also settled a $1.0 million promissory note with Streeterville, bearing a 9% annual interest. Verb Technology's cash and cash equivalents stood at approximately $14.2 million as of March 28, 2024, with notes payable of about $1.2 million. The company believes its operations are fully funded for at least the next 14 months, alleviating concerns about its ability to continue as a going concern. In terms of business development, Verb Technology has seen an increase in cash from operations due to cost savings in personnel and reduced administrative expenses. The company also received proceeds from the sale of SaaS assets and made investments in software development for MARKET.Live. For the future, Verb Technology plans to continue its strategic initiatives and investment plans to drive growth.

This announcement is a separate document:

Doc 1

Doc 2

Doc 3

Doc 4

Doc 5

Doc 6

Doc 7

Doc 8

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more