Verb closes $3M non-convertible preferred stock financing

Verb Technology Company closed a $3 million preferred stock financing. The preferred stock is non-convertible into the Company’s common shares and as such is non-dilutive to current stockholders. On December 29, 2023, the Company entered into a securities purchase agreement with an existing family office investor pursuant to which the Company sold and the investor purchased 3,000 shares of the Company’s newly designated non-convertible Series C Preferred Stock for a total purchase price of $3,000,000. The Preferred Shares have a 10% stated annual dividend, no voting rights, and a face value of $1,300 per share. The sale of the Preferred Shares was consummated on December 29, 2023. The Company intends to use the proceeds to drive its MARKET.live, livestream social shopping platform and for general corporate purposes. The Securities Purchase Agreement contains customary representations and warranties from the Company and the investor.