VerifyMe enters warrant inducement agreement for $4.7M in proceeds

VerifyMe (VRME) announced its entry into a warrant inducement agreement with an existing institutional investor for the immediate exercise of an outstanding warrant held by the existing investor to purchase an aggregate of 1,461,896 shares of the company’s common stock. The warrants were issued by VerifyMe on April 14, 2022 and have an exercise price of $3.215 per share. The gross proceeds to VerifyMe from the exercise of the warrants are expected to be approximately $4.7M, prior to deducting financial advisor fees and other offering expenses. The closing of the warrant inducement transaction is expected to occur on or about January 15, subject to satisfaction of customary closing conditions. Maxim Group is acting as the exclusive financial advisor for the transaction.