With a "heave!", and a ho! Verb let those preferr

With a "heave!", and a ho!
Verb let those preferred shares go...

VERB Closes $3 Million Non-Convertible Preferred Stock Financing
January 05, 2024 8:30am EST
"On December 29, 2023, the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with an existing family office investor pursuant to which the Company sold and the investor purchased 3,000 shares of the Company’s newly designated non-convertible Series C Preferred Stock (the “Preferred Shares”) for a total purchase price of $3,000,000. The Preferred Shares have a 10% stated annual dividend, no voting rights, and a face value of $1,300 per share. The sale of the Preferred Shares was consummated on December 29, 2023."
https://ir.verb.tech/news-events/press-releas...rred-stock

$3M+ would have already been calculated into the share price, although it seems they only had less than a 1/3 of them preferreds left.

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Stockholders’ equity
Series C Preferred Stock, $0.0001 par value, 5,000 shares authorized, 895 and 3,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023

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Sure seems like VERB is laying pipe for something cleaning up the balance sheet.

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A company that has a lot of debt may be advised to "clean up its balance sheet" in order to become more enticing to investors. This can be done by carrying out sales of non-strategic assets or unprofitable divisions, implementing cost reduction programs to free up cash flow, or at times through equity issuance.

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On December 29, 2023, the Company issued 3,000 Series C Preferred Shares to an institutional investor pursuant to a securities purchase agreement and certificate of designation previously filed. The Series C Preferred Shares carried a 10% annual dividend.

Subsequent to September 30, 2024, the Company redeemed 895 Series C Preferred Shares in exchange for 196,856 common shares to fully redeem the Series C Preferred Shares that were outstanding. On October 14, 2024, the Company redeemed 187 Series C Preferred Shares in exchange for 32,913 common shares to fully repay the amount accrued for preferred dividends. The transaction was done at the Nasdaq at-the-market price. No broker was involved in the transaction and no fees or commissions were paid or incurred by the Company.

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