VerifyMe Announces Exercise by Maxim of 100,000 Shares From Over-allotment Option

Rhea-AI Summary

VerifyMe, Inc. (NASDAQ: VRME) announced the sale of an additional 100,000 shares at $5.30 each, raising a total of $530,000 in gross proceeds. This sale is part of a larger offering of 1,650,000 shares, following the partial exercise of an underwriters’ over-allotment option. The transaction is being managed by Maxim Group LLC and Joseph Gunnar & Co., LLC. The company continues to explore opportunities in brand protection technology, specializing in counterfeiting prevention and authentication.

Positive

• Raised $530,000 in gross proceeds from the sale of 100,000 shares.
• Successful partial exercise of underwriters' over-allotment option indicates strong market interest.

Negative

• None.

Exercise Price of $5.30 – Balance of Option is 147,000 shares

ROCHESTER, N.Y., Feb. 19, 2021 (GLOBE NEWSWIRE) -- VerifyMe, Inc. (NASDAQ: VRME) (“VerifyMe,” or the “Company”), a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, track and trace features for labels, packaging and products, today announced the closing of the sale of an additional 100,000 shares of common stock, at a price to the public of $5.30 per share less underwriting discounts and commissions, pursuant to the partial exercise of the underwriters’ over-allotment option in connection with its previously announced offering of 1,650,000 shares of common stock of the Company. The Company expects to receive additional gross proceeds of $530,000, before deducting underwriting discounts and commissions and estimated offering expenses. The underwriters continue to have an over-allotment option to purchase 147,500 shares of the Company’s common stock.

Maxim Group LLC acted as sole book-running manager for the offering. Joseph Gunnar & Co., LLC acted as co-manager for the offering.

The shares of common stock were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-251837) previously filed and declared effective by the Securities and Exchange Commission (SEC). A prospectus supplement was filed with the SEC and forms a part of the effective registration statement. Copies of the prospectus supplement and accompanying prospectus relating to the public offering may be obtained, by contacting Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, or by telephone at (212) 895-3745.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

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 our financial condition, results of operations, business strategy and financial needs. The words "believe," "may," “estimate," "continue," "anticipate," "intend," "should," "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 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. Further information on our risk factors is contained in our filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2019 and the Quarterly Report on Form 10-Q for the three months ended September 30, 2020. 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

FAQ

What was the purpose of VerifyMe's recent stock offering on February 19, 2021?

The stock offering was aimed at raising capital, with VerifyMe selling 100,000 additional shares at $5.30 each as part of a larger offering.

How much did VerifyMe raise through the recent stock sale?

VerifyMe raised a total of $530,000 in gross proceeds from the sale of 100,000 shares.

Who managed VerifyMe's stock offering?

The offering was managed by Maxim Group LLC as the sole book-running manager and Joseph Gunnar & Co., LLC as co-manager.

What is the current status of VerifyMe's stock offering?

The company has completed the sale of 100,000 shares and the underwriters still have an option to purchase an additional 147,500 shares.