Business
VerifyMe Announces $5.0 Million Private Placement Priced At-the-Market Under Nasdaq Rules
ROCHESTER, N.Y., April 12, 2022 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) ("VerifyMe," "we," "our," or the "Company"), providing authentication, supply
About this update from Verifyme, Inc.
[{"type":"text","content":"ROCHESTER, N.Y., April 12, 2022 /PRNewswire/ -- VerifyMe, Inc. (NASDAQ: VRME) (\"VerifyMe,\" \"we,\" \"our,\" or the \"Company\"), providing authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products to brand owners, announced today that it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $5.0 million of its common stock (or-prefunded warrants to purchase common stock in lieu thereof) and warrants through a private placement priced at-the-market under Nasdaq rules. Each share of common stock (or pre-funded warrant in lieu thereof) is being sold together with an accompanying warrant at a combined effective purchase price of $3.215. Under the terms of the purchase agreement, VerifyMe has agreed to sell 1,555,208 shares of common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to an aggregate of 1,555,208 shares of common stock. The warrants will be exercisable for a period of five years commencing six months from the date of issuance and have an exercise price of $3.215 per share. Certain officers and directors have indicated their intention to purchase up to 93,312 shares of common stock and 93,312 warrants in this offering. The closing of the private placement is expected to occur on April 14, 2022, subject to the satisfaction of certain customary closing conditions set forth in the securities purchase agreement.\n\n \n \n \n \n \n \n\n \nMaxim Group LLC is acting as the sole placement agent for the offering.\nThe shares of common stock, pre-funded warrants and warrants described above have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (SEC) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the shares of common stock and the shares issuable upon exercise of the pre-funded warrants and warrants.\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy these...