Why Verb Technology Shares Are Getting Hammered

Verb Technology Company Inc VERB shares are trading lower by 49.05% to $0.20 Tuesday morning after the company announced a proposed underwritten public offering of common stock without warrants.

What Else?

Verb Technology says gross proceeds to the company are expected to be $7.2 million, before deducting underwriting discounts and other estimated expenses payable. The company intends to use the net proceeds from this offering for general corporate purposes and repayment of debt.

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The closing of the offering is expected to occur on January 26, subject to customary closing conditions.

According to data from Benzinga Pro, VERB has a 52-week high of $1.69 and a 52-week low of $0.11.