- Shares of Verb Technology ( NASDAQ: VERB ) -48.4% on Tuesday after the company announced pricing of an underwritten public offering with gross proceeds of $7.2 million.
- The offering consists of 36,051,000 shares of common stock only, with no warrants at a price of $0.20 per share.
- The company intends to use the net proceeds from this offering for general corporate purposes and repayment of debt.
- The closing of the offering is expected to occur on January 26, 2023.
- Aegis Capital is acting as the sole book-running manager for the offering.
- The pricing comes a day after the company said it began examining measures to address the alleged illegal short selling of its stock, among other suspected trading violations. Stock rose as much as 152.2% to 58 cents on Monday.
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Verb Technology stock plummets over 45% after pricing stock offering