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Verb Technology Company, Inc. (NASDAQ:VERB) ("VERB" or the "Company"), the force behind MARKET.live, the popular livestream social shopping platform, today announces that Nasdaq Capital Market has granted the Company an additional 180-day period – until October 28, 2024 - to regain compliance with the $1.00 minimum closing bid price requirement (the "Bid Price Rule").
In determining whether to grant the Company an extension to regain compliance with the Bid Price Rule for continued listing on the Nasdaq Capital Market, Nasdaq concluded, among other things that the Company met all of the continued listing requirements and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the sole exception of the minimum bid price requirement.
That conclusion was based, in part, on the Company's compliance with the $2.5 million minimum shareholder value requirement, a deficiency the Company cured earlier this year when it announced via Form 8-K dated April 25, 2024, that its shareholder value as reflected on its March 31, 2024 balance was approximately $14 million. This represents an increase of approximately $15.8 million over the shareholder equity reported just 10 months ago on its Form 10-Q for the period ending June 30, 2023.
Moreover, the disclosures concerning the Company's audited financial statements, as set forth in its 2023 Form 10-K filed on April 1, 2024 (the "Form 10-K"), for the first time do not contain a "Going Concern" opinion.
Indeed, the Company also disclosed in the Form 10-K that it had cash and cash equivalents of approximately $14.2 million and notes payable of approximately $1.2 million. This represents an increase in cash and cash equivalents of $10.9 million and a decrease in notes payable of approximately $7.3 million over the same period last year as previously disclosed in the Company's 2022 Form 10-K filed on April 17, 2023.
The Company also stated in the Form 10-K that "[W]e believe that our enhanced cash position coupled with our substantially reduced current operating costs means our operations are fully funded for at least the next 14 months, and possibly longer subject to revenue generation during that period. As a result, we have alleviated substantial doubt about the Company's ability to continue as a going concern."
"It is not possible to overstate the extraordinary achievements of our management team over the past 12 months in completely over-hauling, recapitalizing, and restructuring every single area of the business," stated Rory J. Cutaia, VERB CEO. "We have added more than $15 million dollars in cash to our balance sheet through the issuance of straight at-the-market-priced common shares – that means without crazy below market-price stock issuances to short-selling hedge funds or ridiculous warrant structures we see so prevalent today; we retired almost all of our debt – only $1.2 million remains, sold-off all our under-performing assets, slashed our operating expenses, fully-funded for the foreseeable future and added rocket-fuel to our extremely exciting MARKET.live business, and positioned the Company for real, measurable, business fundamental-based, success – literally against all odds and contrary to the beliefs of all the nay-sayers who said it couldn't be done."
Posted In: VERB
