Verb Technology CEO says ‘primed for success’ as company enters 2024

Verb Technology Company announced VERB CEO Rory Cutaia has issued a year-end letter to its stockholders, which read in part, “2023 began with our Board and senior management team already engrossed in the all-consuming process of selling our SaaS business division assets, an almost 9-month long endeavor, marked by endless business presentations, ongoing due diligence and negotiation sessions, as well as associated legal, accounting, and regulatory matters, culminating in an offer from the successful bidder that was accepted by our Board. Following the closing of the sale last June, we began in earnest to focus all of our energies and resources on our MARKET.live livestream social selling business with our newly constituted management team that was now comprised of approximately 80 fewer people than we had before the sale. And yet, this newly energized team accomplished more in the past 6 months than we had in what feels like the prior 2 years combined…As we disclosed earlier this year, we executed a letter of intent to acquire certain revenue generating assets we believed were complimentary to our MARKET.live business objectives from certain parties with whom we were engaged for other aspects of our MARKET.live business. However, after many months of due diligence, we concluded that the opportunity, as well as the relationship were not the right fits for our business, and we recently terminated both. As we began the relationship with TikTok and launched our technology integration, we experienced almost immediate, rapid growth, recognized by TikTok, as referenced above, as being among the top producers. However, that growth revealed flaws in a key partner’s supply chain whose capabilities fell far short of their representations. This forced us to pull back for almost 10 weeks while we sourced replacement suppliers and finalized other partnerships we had been working on. Fortunately, those new relationships are now in place, required technology integrations complete, and performance capabilities tested, allowing us to look forward to 2024 with great optimism and excitement. Especially so now, as our team experienced first-hand how rapidly the growth came once we completed the technology integration with TikTok and opened the faucet. Within a few short weeks we had developed a stable of more than 1600 TikTok affiliates who signed on to sell MARKET.live vendors’ products. With the new vendor and supplier relationships in place, we are now beginning to rebuild that stable of TikTok affiliates, which could be akin to a massive army of sales reps, selling MARKET.live products to their own fans and followers. Of course I recognize that we are all disappointed with the current share price caused by a combination of unprecedented, prolonged poor capital markets conditions and the corresponding machinations of bad actors. However, share price has very little to do with the value a strategic buyer places on the business in a sale. Accordingly, while we have virtually no control over market conditions and the share price, we do have control over the intrinsic value we are creating as evidenced by the long list of achievements detailed above. As such, we believe our long-term investors may have an opportunity to generate returns that are not reflected in the share price alone. These achievements represent our relentless pursuit of excellence and innovation as well as our unstoppable determination and perseverance to overcome any obstacle, and any challenge, and there have been many. As we begin 2024, we are primed for the success we and you have surely earned and deserve.”