VerifyMe, Inc. announced its entry into a warrant inducement agreement with an existing institutional investor, resulting in gross proceeds of approximately $4.7 million. This transaction involved the immediate exercise of outstanding warrants to purchase 1,461,896 shares of the company's common stock at an exercise price of $3.215 per share.
In consideration for the immediate cash exercise, VerifyMe will issue a new unregistered warrant to purchase up to 1,461,896 shares of common stock. The new warrant will have an exercise price of $4.00 per share, be exercisable immediately, and expire on the five and one-half year anniversary from its issuance date.
The closing of this warrant inducement transaction is expected to occur on or about January 15, 2025. This capital raise significantly enhances VerifyMe's financial liquidity, providing resources for its strategic objectives.
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