VerifyMe, Inc., a Nevada-based company specializing in computer integrated systems design, announced today that it has regained compliance with Nasdaq's minimum bid price requirement.
The company's common stock, traded under the ticker VRME on the Nasdaq Capital Market, maintained a closing bid price of at least $1.00 per share over the last ten consecutive business days. According to InvestingPro data, the stock has shown remarkable momentum, surging over 150% in the past week alone, with the current trading price at $4.30.
The Nasdaq Listing Qualifications staff confirmed in a notice to VerifyMe that the company now meets the continued listing requirement set forth in Nasdaq Listing Rule 5550(a)(2). This development follows a period of non-compliance with Nasdaq's minimum bid price rule.
The notice from Nasdaq has officially closed the matter regarding the company's bid price deficiency. InvestingPro analysis indicates the stock is currently trading above its Fair Value, with technical indicators suggesting overbought conditions. Subscribers can access 10+ additional ProTips and comprehensive valuation metrics.
VerifyMe's business address is 801 International Parkway, Fifth Floor, Lake Mary, Florida, and the company is reachable by phone at (585) 736-9400. The company, formerly known as LaserLock Technologies Inc., changed its name on October 4, 2000. With a market capitalization of $44.41 million and a "GREAT" financial health score according to InvestingPro's comprehensive analysis, investors can access detailed research reports and in-depth metrics through the platform's Pro Research Report feature, available for over 1,400 US stocks.
In addition to common stock, VerifyMe has warrants to purchase common stock listed on the Nasdaq Capital Market under the symbol VRMEW. The company is not classified as an emerging growth company and has not elected to use the extended transition period for complying with new or revised financial accounting standards.
In other recent news, VerifyMe has initiated a warrant inducement transaction, expected to generate approximately $4.7 million in gross proceeds. The company also reported mixed financial results for the third quarter of 2024, with a decrease in revenue to $5.4 million from $5.6 million in the previous year, and a net loss of $2.4 million. In a strategic move, VerifyMe sold its subsidiary, Trust Codes Global Limited, and extended its share repurchase program until December 31, 2025.
VerifyMe has been notified by Nasdaq of non-compliance with the exchange's minimum bid price requirement. Despite this, the company maintains a healthy financial position according to InvestingPro's analysis. The company is planning a strategic shift, including an exit from its Amazon (NASDAQ:AMZN) Transparency partnership to concentrate on more profitable areas within the Authentication segment, such as ink products.
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