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Verb Technology | 8-K: Entry into a Securities Purchase Agreement

SEC announcement ·  Jan 4 13:00
Summary by Futu AI
On December 29, 2023, Verb Technology Company, Inc. completed a significant financial transaction by entering into a securities purchase agreement with Streeterville Capital, LLC. Under the agreement, Verb Technology sold 3,000 shares of its non-convertible Series C Preferred Stock at a price of $1,000 per share, resulting in a total purchase price of $3,000,000. These shares carry a 10% annual dividend and have no voting rights. The proceeds from the sale are intended for working capital and general corporate purposes. The sale was not registered under the Securities Act of 1933, relying on an exemption, and the shares were issued with a face value of $1,300 each. The company also filed a certificate of designation with the Nevada Secretary of State, detailing the rights and preferences of the Series C Preferred Stock, which includes a 10% compounded annual return and provisions for automatic quarterly dividends after the first year. The company retains the right to redeem all issued and outstanding Series C Preferred Stock at the discretion of its Board of Directors.
On December 29, 2023, Verb Technology Company, Inc. completed a significant financial transaction by entering into a securities purchase agreement with Streeterville Capital, LLC. Under the agreement, Verb Technology sold 3,000 shares of its non-convertible Series C Preferred Stock at a price of $1,000 per share, resulting in a total purchase price of $3,000,000. These shares carry a 10% annual dividend and have no voting rights. The proceeds from the sale are intended for working capital and general corporate purposes. The sale was not registered under the Securities Act of 1933, relying on an exemption, and the shares were issued with a face value of $1,300 each. The company also filed a certificate of designation with the Nevada Secretary of State, detailing the rights and preferences of the Series C Preferred Stock, which includes a 10% compounded annual return and provisions for automatic quarterly dividends after the first year. The company retains the right to redeem all issued and outstanding Series C Preferred Stock at the discretion of its Board of Directors.
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