Verb Technology Company Inc (VERB) has released an update to notify the public and investors about listing compliance status.
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After falling short of NASDAQ’s minimum stockholders’ equity requirement, a company faced potential delisting. To regain compliance, the company devised a plan and received an extension until February 14, 2024. By securing a $3 million investment through the sale of non-convertible preferred stock and significantly reducing its debt, the company improved its stockholders’ equity to $3.125 million. This financial rebound, combined with other strategic moves, has positioned the company to meet NASDAQ’s requirements, staving off the risk of delisting as it awaits further monitoring.
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For a comprehensive understanding of the announcement, you can read the full document here.