Corsair Capital Partners, L.P. and related entities have disclosed recent transactions involving Verb Technology Company, Inc. (NASDAQ:VERB) stock. The filings reveal that Corsair Capital sold shares valued at approximately $35,441 at a price of $9.5788 per share. In addition to these sales, Corsair Capital made several purchases totaling $422,198, with prices ranging from $10.174 to $11.0301 per share.
These transactions were reported on October 21, 2024, and reflect Corsair Capital's ongoing investment activities in Verb Technology. The transactions were filed jointly by Corsair Capital Partners, L.P., Corsair Capital Partners 100, L.P., Corsair Capital Investors Ltd, and Corsair Capital Management, L.P., among others.
In other recent news, Verb Technology Company, Inc. has made several significant announcements. The company has decided to carry out a 1-for-200 reverse stock split, which is expected to reduce the number of outstanding common stock from approximately 152.6 million shares to about 763,230 shares. This decision was made following a majority vote by stockholders in favor of the move.
In addition to this, Verb Technology has received an extension from The Nasdaq Stock Market to execute this reverse stock split by October 22, 2024. However, the company has also withdrawn a planned securities offering after assessing its financial position and capital requirements, with cash and equivalents reported at approximately $14.2 million and notes payable around $1.2 million.
On the partnership front, Verb Technology has teamed up with BeautyStat for a live shopping event on TikTok, marking an expansion of its interactive sales applications. Furthermore, the company has entered into a significant partnership with TikTok Shop, which is expected to generate revenue through service fees and a percentage of monthly revenue from TikTok stores established via their platform. These are the recent developments in Verb Technology's operations.
InvestingPro Insights
As Corsair Capital Partners adjusts its position in Verb Technology Company, Inc. (NASDAQ:VERB), investors should consider some key financial metrics and insights provided by InvestingPro.
VERB's market capitalization stands at a modest $7.96 million, reflecting its status as a small-cap stock. This aligns with the InvestingPro Tip that VERB is a "niche player in the technology industry." The company's Price to Book ratio of 0.45 as of Q2 2024 indicates that it's "trading at a low Price / Book multiple," which could be of interest to value-oriented investors.
However, potential investors should be aware of some concerning trends. An InvestingPro Tip warns that VERB is "quickly burning through cash," which is particularly relevant given the recent stock transactions by Corsair Capital. This cash burn is further evidenced by the company's adjusted operating income of -$12.02 million over the last twelve months as of Q2 2024.
The stock's performance has been notably weak, with a one-year price total return of -86.05% as of the latest data. This aligns with another InvestingPro Tip stating that the "price has fallen significantly over the last year."
For those considering an investment in VERB, it's worth noting that InvestingPro offers 16 additional tips that could provide further insights into the company's financial health and market position. These additional tips, available with an InvestingPro subscription, could be valuable for investors looking to make informed decisions in light of the recent insider transactions.
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