Veritone announces equity offering of $10M backed by CEO

Veritone (VERI) announced that it has entered into a definitive agreement providing for the purchase and sale of an aggregate of 6,452,293 shares of common stock and pre-funded warrants to purchase up to 1,804,587 shares of its common stock at a purchase price of $1.09 per share in a registered direct offering. The pre-funded warrants have an exercise price of 1c and are immediately exercisable, subject to certain limitations. The closing of the registered direct offering is expected to occur on or about July 2, 2025, subject to the satisfaction of customary closing conditions. Esousa Group Holdings, LLC, an existing investor, led the offering with a $6M investment in common stock and pre-funded warrants. D. Boral Capital LLC acted as placement agent in the registered direct offering for certain investors. Additionally, in a concurrent private placement transaction, the company has issued shares of common stock to its CEO, Ryan Steelberg, for aggregate gross proceeds of $1M at a price per share equal to the greater of the consolidated closing bid price of Veritone common stock on June 27, 2025, or $1.41 per share, and the consolidated closing bid price of Veritone common stock on the date that is two full trading days after the date on which Veritone’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 is filed. The aggregate gross proceeds to the company from the offerings are expected to be approximately $10M, before deducting offering expenses payable by the company. The company intends to use the net proceeds from the offerings, together with its existing cash and cash equivalents, for working capital and general corporate purposes including, but not limited to, capital expenditures, debt service, repayment of indebtedness and other business opportunities and to further develop and market its AI platform and applications.