VERB Begins Implementation of Comprehensive Plan to Combat Illegal Naked Short Selling of Its Shares
NEWPORT BEACH, Calif. and LEHI, Utah, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (NASDAQ:VERB) ("VERB" or the "Company"), the leader in interactive video-based sales-enablement applications, including MARKET.live, its livestream social shopping platform, announces today that it has recently engaged ShareIntel – Shareholder Intelligence Services, among other forensic professionals, and an investigation into potential illicit trading activity in its shares, and those responsible, is underway.
ShareIntel's experienced team of professionals, leveraging their proprietary "Data Repository Information Link" (DRIL-DownTM) technology, combine and analyze data from clearing firms, broker-dealers, reporting entities, and other sources to provide actionable intelligence. This analysis will help serve to direct the course of actions VERB's board may implement to protect the Company's shareholders.
"While we intend to move swiftly, we will move thoughtfully, guided and driven by the data," states Rory J. Cutaia, VERB CEO. "In addition to possible enforcement actions, our board is currently considering shareholder focused initiatives, including the issuance of a special dividend. We are also paying close attention to the work other companies are doing to combat illicit trading activity, as we consider adopting those strategies and initiatives that appear to produce the most promising results. Among those strategies are Genius Group's issuance of an NFT to shareholders for Genius Group's services, an innovative initiative we applaud, and a version of which may be particularly interesting for our shareholders, for products available on our MARKET.live livestream social shopping platform."
"With our recent capital raise behind us and our senior secured debt paid off, we are committed to taking the appropriate actions. Our objective is to protect our shareholders and based on the data and advice of the professionals we have engaged, we have made it clear that everything is on the table."
About VERB
Verb Technology Company, Inc. (NASDAQ:VERB), the market leader in interactive video-based sales applications, transforms how businesses attract and engage customers. The Company's MARKET.live platform is a multi-vendor, multi-presenter, livestream social shopping destination at the forefront of the convergence of ecommerce and entertainment, where hundreds of retailers, brands, creators and influencers can monetize their base of fans and followers across social media channels. The Company's Software-as-a-Service, or SaaS platform, based on its proprietary interactive video technology, is comprised of a suite of sales enablement business software products offered on a subscription basis. Its software applications are used by hundreds of thousands of people in over 100 countries and in more than 48 languages. VERB's clients include large sales-based enterprises as well as small business sales teams, including the sales and marketing departments of professional sports teams. With approximately 150 employees and contractors, the Company is headquartered in Lehi, Utah, and maintains offices in Newport Beach, California.
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FORWARD-LOOKING STATEMENTS
This communication contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words such as "anticipate," "expect," "project," "plan," or words or phrases with similar meaning. Forward-looking statements contained in this press release relate to, among other things, the Company's success in identifying illegal trading activity in its stock and its efforts to address and eliminate such activity. Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of our assumptions prove incorrect, our actual results could differ materially from the results expressed or implied by these forward-looking statements. Investors are referred to our filings with the Securities and Exchange Commission, including our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
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