Business
Leadership Team Leads $1.1 Million Convertible Note Capital Raise
LAKE MARY, Fla., Aug. 28, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiaries, Trust Codes Global Limitd ("Trust Codes Global")
About this update from Verifyme, Inc.
[{"type":"text","content":"LAKE MARY, Fla., Aug. 28, 2023 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) together with its subsidiaries, Trust Codes Global Limitd (\"Trust Codes Global\") and PeriShip Global LLC (\"PeriShip Global\"), (together \"VerifyMe,\" \"we,\" \"our,\" or the \"Company\") provides brand owners time and temperature sensitive logistics, supply chain traceability and monitoring, authentication, anti-counterfeiting, and data-rich brand enhancement services, announced today that on Friday, August 25, 2023, it closed (the \"Closing Date\") a private placement (the \"Offering\") of 8% unsecured convertible subordinated promissory notes due in 2026 (the \"Notes\") to accredited investors as defined by Regulation D, Rule 501(a) under the Securities Act of 1933, as amended (the \"Securities Act\") led by the CEO and the Board of Directors and investors from the financial community for aggregate net proceeds of $1.1 million.\n\n \n \n \n \n \n \n\n \nThe notes are general unsecured obligations of the Company and will accrue interest payable semiannually in arrears on February 25 and August 25 of each year, beginning on February 25, 2024, at a rate of 8% per year. The notes will mature on August 25, 2026 (the \"Maturity Date\"), unless earlier converted or repurchased.\nHolders may convert all or any portion of their notes at any time prior to the Maturity Date. The conversion price is $1.15 per share of the Common Stock, which is equal to the Nasdaq Official Closing Price of the Common Stock on the trading day immediately preceding the Closing Date. The Company may not redeem the Notes prior to the Maturity Date.\nPresident and Chief Executive Officer, Adam Stedham said, \"We appreciate this show of support from both our Board of Directors and external investors, as well as the flexibility this capital provides as we continue to advance the key objectives targeted at delivering strong growth in 2024 and beyond. As I articulated on our Q2 2023 earnings call we are optimistic about the growth prospects in both our Authentication and Precision Logistics Segments. While we do not anticipate requiring additional cash resources in the short term, we felt it prudent to take this step to ensure, regardless of the macro-environment, that we have adequate cushion to allow us to execute on our growth strategy and provide strong returns to our shareholders...