dukeb
1週前
The board of directors. LOL.
From the most recent Q:
The Company has committed an aggregate of $598 in board fees to its three independent board members over the term of their appointment for services to be rendered. This amount includes a one-time performance-based bonus payment to a board member that is non-recurring. The Company’s CEO does not receive compensation for serving on the Board of Directors.
Board fees are accrued and paid monthly. The members will serve on the board until the annual meeting for the year in which their term expires or until their successors have been elected and qualified.
Total board fees expensed during the six months ended June 30, 2024 was $403
The company pays each of its 3 independent directors about $200k each every year. Nearly $ 600k in board fees every year.
The company has an annual revenue run rate of less than $ 90,000.
James P. Geiskopf is VERB's lead director. Per the investor relations page:
Since 2014, Mr. Geiskopf has served the Board of Directors of MetaWorks Platforms, Inc., a publicly traded company quoted on the OTC Markets Group Inc.’s OTCQB tier, where he is lead director.
MWRK total revenue for the most recent quarter was just under $500k a 66% decrease from the year prior.. The net loss for the quarter was just over $ 2 million. MetaWorks was founded in 2010, so not a start-up by any stretch. The stock is down 95% since it went public. The historical high was about $ 3 a share. Now it trades for 1.4 cents.
VERB Director Ed Moy is also a director at MetaWorks. Moy is also on the board of Draganfly, which reported $ 1.7 million of revenue for the first six months of 2024 (down 8% from 2023) and a $ 7 million loss for those six months. Draganfly stock has a historical high of nearly $ 400 a share and is currently quoted at under $2.
VERB Director Kenneth Cragun is the CFO and Treasurer of Alzamend Neuro, a biopharma. Alzamend reported ZERO revenue for its most recent quarter and a quarterly loss of more than $ 850k. Accounting for reverse splits the stock had a high of around $ 1300 per share and now sells for just over $ 2 per share. In July of 2024 ALZN did a 1:10 reverse split.
Rory has surrounded himself with people who burn investor capital so they are seemingly unphased by what is going on at VERB.
jobynimble
2週前
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on November 2, 2023, Verb Technology Company, Inc. (the “Company”) received a letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (the “Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price per share for the Company’s common stock had closed below $1.00 for the previous 30 consecutive business days (the “Bid Price Rule”). The Company was given until April 30, 2024, to regain compliance with the Bid Price Rule. On May 1, 2024, the Company received notice from Nasdaq that the Company had been granted an additional 180-day grace period, or until October 28, 2024, to regain compliance with the Bid Price Rule.
On August 6, 2024, the Company received notice from the Staff indicating that the bid price for the Company’s common stock had closed below $0.10 per share for the 10-consecutive trading day period ended August 5, 2024 and, accordingly, the Company is subject to the provisions contemplated under Nasdaq Listing Rule 5810(c)(3)(A)(iii) and its securities are subject to delisting from Nasdaq unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”).
On August 12, 2024, the Company timely requested a hearing before the Panel to appeal the delisting determination. In response, Nasdaq set a hearing date of [ ], 2024, and offered the Company an expedited review process, which required the Company to complete a questionnaire regarding the Company’s plan to regain compliance with the Bid Price Rule. The Company submitted the completed questionnaire on [ ], 2024, which included the representation that, if necessary, the Company will effect a reverse stock split on or before October 2, 2024, to regain compliance with the Bid Price Rule.
On August 6, 2024, the Company filed a preliminary proxy statement on Schedule 14A in connection with the Company’s annual meeting of stockholders scheduled for September 26, 2024. At the annual meeting, the Company intends to seek the approval of its stockholders to implement a reverse stock split in the range within a range of one-for-five (1-for-5) to a maximum of a one-for-two hundred (1-for-200). Upon receipt of the requisite approval of its stockholders, the Company intends, if necessary, to expeditiously implement the reverse stock split to regain compliance with Nasdaq’s Bid Price Rule.
On August 28, 2024, the Company received a notice from Nasdaq that, based upon its review of the written record, the Panel had granted the Company a temporary exception until October 21, 2024 to, effect the reverse stock split and thereafter regain compliance with the Bid Price Rule. The Nasdaq Hearing Panel noted that the temporary exception was granted based upon the Company’s representation that it would complete a reverse stock split, if necessary, no later than October 2, 2024. The Company prioritizes regaining compliance with the Bid Price Rule through other measures before resorting to a reverse stock split. However, in the event the Company fails to achieve compliance by mid-September 2024, it will be required to undertake a reverse stock split to regain compliance by the October 21, 2024 deadline. In the event the Company fails to regain compliance with the Bid Price Rule by October 21, 2024, its securities will be delisted.
Complete filing: https://www.sec.gov/ix?doc=/Archives/edgar/data/1566610/000149315224034997/form8-k.htm
jobynimble
2週前
It’s in the 8-K, did you click the second link I posted and read it?
Dear Sir/Madam;
Pursuant to Rule 259(a) under Regulation A of the Securities Act of 1933, as amended, Verb Technology Company, Inc. (the “Company”) hereby requests that the Form 1-A filed by the Company on May 31, 2024 under Regulation A (the “Form 1-A”) be withdrawn, effective as of the date hereof or at the earliest practicable date hereafter. The Company believes it is currently well capitalized and has determined not to proceed with the offering of its securities at this time. We confirm that the Company has not sold any shares pursuant to the Form 1-A.
Should you have any questions regarding these matters, please contact our counsel, Marcelle Balcombe at 212-930-9700.
Very truly yours,
Verb Technology Company, Inc.
By: /s/ Rory J. Cutaia
Rory J. Cutaia
Chief Executive Officer