Verb Technology falls on plans to raise equity

Briacell Therapeutics

24/01/2023 12:35

** Shares of software-as-a-service firm Verb Technology
Company Inc  VERB.O  down 31% at $0.27 premarket 
    ** Co announces plans to offer its shares of common stock
without warrants in a public offering
    ** Co intends to use net proceeds for debt repayment
    ** Stock closed on Monday at its highest level in three
months, as company announced a probe into alleged illegal short
selling of its stock, with other suspected trading violations
    ** The $45.1 mln Verb Tech is among other small-cap
companies that have announced such a probe, including on naked
short selling in recent days 
    ** Others include ed-tech firm Genius Group  GNS.A ,
e-scooters maker Helbiz  HLBZ.O  and Canada's
agriculture-focused tech co AgriFORCE Growing Systems  AGRI.O 
    ** Short sellers sell borrowed shares in a bet to buy them
back at lower price; naked short-selling involves selling shares
without first borrowing them
    ** VERB fell 66% last year
 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))