**VerifyMe (NASDAQ: VRME) Enters Agreement with Institutional Investor for $4.7 Million Proceeds**

VerifyMe, Inc., a company specializing in authentication and brand enhancement services, recently announced the execution of an inducement letter agreement with an institutional investor and existing holder on January 13, 2025. The agreement pertains to existing warrants held by the investor and involves the purchase of up to 1,461,896 shares of VerifyMe’s common stock.

The agreement, as detailed in a Form 8-K filed with the Securities and Exchange Commission, outlines that the investor will exercise the existing warrants for cash at an exercise price of $3.215 per share. In return, VerifyMe will issue a new unregistered warrant allowing the purchase of the same number of shares at an exercise price of $4.00 per share. The new warrant will be immediately exercisable upon issuance and will have a term of five and a half years.

To ensure compliance, VerifyMe will file a registration statement covering the resale of the shares to be issued upon exercise of the new warrant within 45 calendar days. Additionally, the company is committed to refraining from issuing any common stock or equivalents within a specific timeframe post the agreement’s closing.

Maxim Group LLC acted as VerifyMe’s exclusive financial advisor for this transaction and will receive a financial fee equal to 6.0% of the proceeds garnered from the warrant exercise. The company expects the aggregate gross proceeds from this exercise to be around $4.7 million before accounting for fees and other expenses.

The new warrant and shares of common stock will be issued under exemptions provided by the Securities Act of 1933, making it exempt from formal registration procedures. The terms of this agreement and the new warrant are outlined in detail in the Form 8-K submission.

The company’s press release, attached as Exhibit 99.1 to the filing, elaborates on the specifics of the agreement and the expected proceeds VerifyMe anticipates from this transaction.

VerifyMe advises caution regarding forward-looking statements, emphasizing that certain factors could lead to actual results differing from expectations outlined. The company undertakes no obligation to revise or update any forward-looking statements made in this context.

For further information regarding VerifyMe’s operations and announcements, please refer to the company’s official website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read VerifyMe’s 8K filing here.

VerifyMe Company Profile

VerifyMe, Inc, together with its subsidiary, PeriShip Global, LLC, operates as a technology solutions provider that specializes in products to connect brands with consumers and providing brands with end-to-end logistics management for their products. The company operates through two segments, VerifyMe Solutions and PeriShip Global Solutions.