- The stock price of VerifyMe Inc (NASDAQ: VRME) surged by over 30% during intraday trading today. This is why.
The stock price of VerifyMe Inc (NASDAQ: VRME) surged by over 30% during intraday trading today. Investors are responding positively to VerifyMe – together with its subsidiary PeriShip Global LLC – providing brand owners time and temperature-sensitive logistics, authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products, announcing that it and its co-sponsor have elected to not extend the period for G3 VRM Acquisition Corp (NASDAQ: GGGVU), a special purpose acquisition company (SPAC) to consummate a business combination and that VerifyMe has initiated a new share repurchase program.
VerifyMe, together with the co-sponsor of the SPAC, made the decision not to extend the period for the SPAC to consummate a business combination and accordingly the SPAC is expected to dissolve and liquidate in accordance with its charter. And as a result of the current market conditions, the company’s Board of Directors determined that it was not in the best interests of the company to allocate additional financial capital at this time for the SPAC to consummate a business combination and instead will focus on the core business and recent acquisition of PeriShip. The audited financial statements of PeriShip for the years ended December 31, 2021, and 2020 shows income before provision for income tax of $3.1 million for the year ended 2021.
On June 30, 2022, the company’s Board of Directors also approved a new $1.5 million share repurchase program to repurchase shares of the company’s common stock commencing July 1, 2022, for a period of 12 months, which the company believes will provide a good return of equity and a benefit to the shareholders.
This new repurchase program replaces the existing share repurchase program that was due to expire in August 2022 and is now terminated. And the timing and amount of any shares repurchased under the new repurchase program will be determined by the Company’s board and management based on its evaluation of market conditions and other factors. The repurchase program does not obligate the Company to purchase any particular number of shares and may be suspended or discontinued at any time.
“As we navigate this challenging economic environment, and have now completed a strategic acquisition, we have made the decision to align our resources accordingly. We believe the financial results of the acquisition show we are on the right path to grow and enhance our shareholder value.”
— Patrick White, Chief Executive Officer
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