VRME - VerifyMe approves up to $1.5M share buyback

VerifyMe (VRME) to spend up to $1.5M to repurchase common shares over the next nine months.The company plans to fund the share buyback with cash on hand.As of September 30, 2020, the company had $9M of cash and did not purchased any of its shares within the past 12 months. “By using our strong balance sheet to reduce the number of outstanding common shares, we believe we can increase stockholder value, while maintaining sufficient cash resources to fund our operations. The share repurchase authorization reflects our ongoing commitment to improving the investment value of our common stock while at the same time growing our business,” said, Patrick White, VerifyMe’s President and CEO.

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VerifyMe approves up to $1.5M share buyback