Veritone prices $25 million public offering of common stock

DENVER - Veritone, Inc. (NASDAQ:VERI), a $212 million market cap AI solutions company, has priced an underwritten public offering of 9,505,705 shares of its common stock at $2.63 per share, the company announced Wednesday. The offering is expected to generate approximately $25 million in gross proceeds before deducting underwriting discounts, commissions, and other expenses. According to InvestingPro data, the company has shown strong momentum with a 54% price return over the past six months.

The company has granted underwriters a 30-day option to purchase up to an additional 1,425,855 shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on Friday, subject to customary closing conditions. InvestingPro analysis indicates the stock is currently fairly valued, with analysts setting price targets ranging from $3 to $26 per share.

Veritone intends to use the net proceeds for working capital and general corporate purposes, including debt service and repayment of indebtedness, according to the company’s statement. This capital raise comes as the company maintains a healthy gross profit margin of 68%, despite facing profitability challenges in recent quarters.

Needham and Company is serving as the sole bookrunning manager for the offering, which is being conducted under a previously filed and effective shelf registration statement with the Securities and Exchange Commission.

Veritone builds enterprise AI solutions for customers in media, entertainment, public sector, and talent acquisition industries. The company’s aiWARE platform orchestrates machine learning models to transform data into actionable intelligence.

The announcement comes as part of the company’s ongoing financial activities, as detailed in a press release statement.

In other recent news, Veritone, Inc. announced a proposed public offering of its common stock, with the intent to use the proceeds for working capital and general corporate purposes, including debt repayment. The offering is subject to market conditions, and Needham and Company is acting as the sole bookrunning manager. In addition, D. Boral Capital raised its price target for Veritone from $6 to $26, maintaining a Buy rating due to the company’s promising VDR engine technology. Veritone also amended its Credit and Guaranty Agreement, increasing its minimum consolidated liquidity requirement to $15 million starting September 13, 2025. Furthermore, Veritone has partnered with Newsmax to digitize a 20-year content archive, utilizing its Digital Media Hub technology to enhance Newsmax’s production workflows. This collaboration aims to make Newsmax’s content more accessible through Veritone’s aiWARE platform. D. Boral Capital has also assumed coverage of Veritone, citing confidence in the company’s growth trajectory and public sector pipeline. These developments reflect a period of strategic financial and technological initiatives for Veritone.

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