VerifyMe Announces Closing of $106,260,000 Initial Public Offering, Including Partial Exercise of Overallotment Option, by Co-Sponsored SPAC - G3 VRM Acquisition Corp.
VerifyMe (NASDAQ:VRME) has co-sponsored the initial public offering (IPO) of G3 VRM Acquisition Corp. which started trading on NASDAQ under the symbol GGGVU. The IPO closed with 10,626,000 units sold at $10.00 per unit. VerifyMe indirectly owns approximately 9.95% of G3's outstanding shares. G3 VRM Acquisition targets technology and business services firms valued between $250 million and $500 million, indicating a strategic move into acquiring such companies to foster growth.
- Co-sponsorship of G3 VRM Acquisition provides VerifyMe indirect ownership of 9.95% in the SPAC, potentially enhancing revenues.
- Focus on acquiring companies within technology and business services sectors could lead to growth opportunities.
- Dependence on successful future acquisitions could pose a risk if G3 VRM fails to find suitable targets.
SPAC is targeting businesses with enterprise values of approximately
ROCHESTER, NY / ACCESSWIRE / July 7, 2021 / VerifyMe, Inc. (NASDAQ:VRME) ("VerifyMe," "we," "our," or the "Company"), a provider of comprehensive brand protection and customer engagement solutions that combine ultra-secure product authentication, track and trace, and customized engagement strategies with industry-leading online retail monitoring capabilities, is pleased to announce that G3 VRM Acquisition Corp., a special purpose acquisition company being co-sponsored by the Company ("G3 VRM Acquisition"), commenced trading on NASDAQ under the symbol "GGGVU".
As co-sponsor, VerifyMe indirectly, through G3 VRM Holding LLC, owns approximately
The closing of its initial public offering of 10,626,000 units, including partial exercise of the over-allotment option, was at a price of
Maxim Group LLC acted as sole book-running manager for the offering.
A registration statement relating to the securities was declared effective by the SEC on June 30, 2021. The offering is being made only by means of a prospectus, copies of which may be obtained by contacting Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, New York 10022. Copies of the registration statement can be accessed through the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About G3 VRM Acquisition Corp.
G3 VRM Acquisition Corp. (NASDAQ:GGGVU) is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While it may pursue an initial business combination target in any business, industry or geographical location, it intends to focus its search on target businesses with enterprise values of approximately
About VerifyMe, Inc.
VerifyMe, Inc. (NASDAQ:VRME), is a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products. VerifyMe's physical technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track and trace software known as VeriPAS™ that allows both consumers and brand inspectors to verify authenticity with their smartphones. VeriPAS™ is a serialization software system that brand owners access through a web portal to monitor, control and protect their products complete life cycle. To learn more, visit www.verifyme.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements regarding the co-sponsorship and initial public offering of G3 VRM Acquisition. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "look forward," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include the actual benefit the Company receives from its indirect ownership in G3 VRM Acquisition, the impact of the COVID-19 pandemic, intellectual property litigation, the successful development of our sales and marketing capabilities, our ability to retain key management personnel, our ability to work with partners in selling our technologies to businesses, production difficulties, our inability to enter into contracts and arrangements with future partners, issues which may affect the reluctance of large companies to change their purchasing of products, acceptance of our technologies and the efficiency of our authenticators in the field. Forward-looking statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties include those more fully described in VerifyMe's Annual Report and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of our underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
For Licensing or Other Information Contact:
Company: VerifyMe, Inc.Email: IR@verifyme.com Website: http://www.verifyme.com
Investors:
ClearThink
nyc@clearthink.capital
SOURCE: VerifyMe
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FAQ
What is the significance of VerifyMe's co-sponsorship of G3 VRM Acquisition Corp.?
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