Verifyme Inc Stock Price, News & Analysis

VerifyMe (NASDAQ:VRME) has co-sponsored the initial public offering (IPO) of G3 VRM Acquisition Corp. which started trading on NASDAQ under the symbol GGGVU. The IPO closed with 10,626,000 units sold at $10.00 per unit. VerifyMe indirectly owns approximately 9.95% of G3's outstanding shares. G3 VRM Acquisition targets technology and business services firms valued between $250 million and $500 million, indicating a strategic move into acquiring such companies to foster growth.

VerifyMe (NASDAQ:VRME) will join the Russell Microcap® Index on June 28, 2021. This significant move follows the annual reconstitution of Russell's indexes, enhancing the company's visibility among institutional investors who manage approximately $9 trillion. CEO Patrick White highlighted the inclusion as a validation of VerifyMe's progress in security authentication technology solutions and its strong growth pipeline with major global brands. Membership will last for one year and positions VerifyMe for greater recognition in the investment community.

On May 13, 2021, VerifyMe (NASDAQ:VRME) announced its Q1 2021 financial results, reporting revenues of $188,000, marking a 104% increase from Q1 2020. Gross profit reached $145,000 with a 77% margin. Despite revenue growth, the company faced an operating loss of $1.215 million, up 82% year-over-year. Cash position is strong at $15.4 million. Notable developments include a partnership with Renavotio for anti-counterfeiting solutions in Personal Protective Equipment and a strategic shift towards blockchain technology for supply chain management.

VerifyMe, Inc. (NASDAQ:VRME) announced the retirement of founder and Chairman Norman Gardner due to health issues, effective April 21, 2021. Scott Greenberg, an existing board member, has been appointed as the new Chairman. Gardner, who will become Chairman Emeritus and consult for two years, was instrumental in developing the company's anti-counterfeiting technology. The management change aims to strengthen leadership as VerifyMe continues to provide brand protection and customer engagement solutions.

VerifyMe, Inc. (NASDAQ: VRME) announced that G3 VRM Acquisition Corp., co-sponsored by the company, filed a Registration Statement on Form S-1 for a proposed initial public offering (IPO) with a base offering of $100 million, potentially rising to $115 million with over-allotment. The acquisition targets sectors within technology and business services. VerifyMe will contribute approximately $2.5 million to G3 VRM Holdings for private placement warrants, maintaining a potential 43% indirect interest post-offering.

VerifyMe, Inc. (NASDAQ: VRME) has appointed Robert Dlugopolski as Regional Sales Manager, effective March 30, 2021. Dlugopolski, with over 12 years in brand protection and anti-counterfeit solutions, aims to enhance revenue growth in California and Seattle. His previous role at De La Rue Authentication Solutions yielded significant revenue and brand protection achievements. CEO Patrick White emphasized the need for Dlugopolski's expertise to increase market penetration in the expanding brand protection technology sector, reflecting a strategic response to growing counterfeit concerns across industries.

VerifyMe (NASDAQ:VRME) reported a 40% revenue increase for 2020, reaching $343,000, with a gross profit of $281,000. Despite operational losses rising to $3.57 million and a net loss of $5.90 million, the company has a strong cash position of $7.94 million. Key partnerships were established in 2020, expanding market opportunities. Management is optimistic about future revenue acceleration, particularly in sectors like apparel, pharmaceuticals, and e-commerce. A focus on integrating blockchain technology for enhanced tracking is also in place.

VerifyMe, Inc. (NASDAQ: VRME) announced its participation in the Inaugural Emerging Growth Virtual Conference, hosted by M-Vest LLC and Maxim Group LLC, on March 17-18, 2021. CEO Patrick White will engage in a Fireside Chat on March 18 at 3:30 PM EST. The conference will feature discussions with industry leaders across various sectors including healthcare and technology. Attendees can access exclusive content by becoming M-Vest members. VerifyMe provides advanced brand protection and customer engagement solutions through innovative technology.

VerifyMe, Inc. (NASDAQ: VRME) has signed a sales agency agreement with Syntax Technology Ltd., the exclusive distributor for HP Indigo products in China. This agreement allows Syntax to sell VerifyMe's technology solutions alongside HP Indigo products. Syntax, with over 600 installations and a strong presence in the digital printing market since 1999, enhances VerifyMe's reach in China, one of the largest economies globally. The partnership aims to support the growing demand for brand protection and counterfeiting prevention in the Chinese label and packaging industry.