Why Verb Technology Company Inc. (VERB) stock turnaround in the after-hours on Friday?

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FWONA
FWONA

Verb Technology Company Inc. (VERB) shares soared 8.06% in after-hours on Friday, December 31, 2021, and closed the yearly trading at $1.34. However, in the regular trading session of Friday, VERB’s stock lost 3.88%. VERB shares have fallen 24.85% over the last 12 months, and they have moved down 12.06% in the past week. Over the past three months, the stock has lost 36.41%, while over the past six months, it has declined 31.87%.

Let’s have a look at its recent news and developments.


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VERB participation in recent events

The CEO of Verb Technology Company Rory J. Cutaia participated at Benzinga All Access Conference on Thursday, Dec. 16, 2021.

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Mr. Cutaia discussed VERB’s industry-leading shoppable video sales tools for live stream e-commerce and why the Company is well-positioned for this market’s growth. He showcased Market, which is VERB’s new 24/7 multivendor interactive live stream shopping platform. The company has already done a soft launch of the Market and a broader launch is planned for February 2022.

Earlier the company also presented its Market platform at the Sidoti Virtual Microcap Conference which was held on December 8, 2021.

VERB at the market equity program

On November 16, 2021, Verb Technology Company, Inc. filed a prospectus supplement with the Securities and Exchange Commission, under which it may sell up to $30 million of its common stock from time to time through an at-the-market or ATM equity offering program.

The Company signed an at-the-market issuance sales agreement with Truist Securities, Inc. as a sales agent. According to the agreement, Truist Securities may sell the Company’s common stock in transactions that are deemed an “at-the-market offering” defined in Rule 415 under the Securities Act of 1933.

VERB latest financial results

On November 15, 2021, Verb Technology Company, Inc. released its financial and operating results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • Total revenue in Q3 2021 was $2.9 million compared to $2.86 million in Q3 2020.
  • The cost of revenue was $1.086 million in Q3 2021 compared to $1.3 million in Q3 2020.
  • General and administrative expenses were $6.1 million in Q3 2021, compared with $6.7 million for the same period last year.
  • Total operating expenses were $10.04 million in Q3 2021 compared to $9.45 million in Q3 2020.
  • It suffered a net loss of $8.8 million in Q3 2021 compared to a net loss of $7.3 million in Q3 2020.

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Conclusion

Well, there is no recent news or development which could be linked with its turnaround in the after-hours on Friday. we hope that it will continue its positive momentum in the new year as well.

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