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Adam Stedham, CEO and President of VerifyMe, Inc. (NASDAQ:VRME), recently acquired 22,000 shares of the company's common stock. The transaction, which took place on December 30, 2024, involved a purchase price of $0.71 per share, totaling $15,620. This insider purchase comes as the stock trades near $0.79, having shown strong momentum with a 16% gain over the past week. According to InvestingPro analysis, VRME appears undervalued at current levels. Following this acquisition, Stedham holds 267,004 shares directly, including 28,592 vested restricted stock units that will convert to common stock upon his departure from the board.
In addition to the common stock, Stedham holds various restricted stock units and an 8% convertible promissory note due in 2026, which collectively represent significant potential future equity in VerifyMe.
In other recent news, VerifyMe, Inc. faces potential delisting from the Nasdaq due to non-compliance with the exchange's minimum bid price requirement. The technology solutions provider has been given a 180-day period to regain compliance. Despite this challenge, the company maintains a healthy financial standing with a moderate debt level, as indicated by its debt-to-equity ratio of 0.24.
In the third quarter of 2024, VerifyMe reported a decrease in revenue to $5.4 million from $5.6 million in the previous year. The net loss for the quarter was $2.4 million, largely influenced by a $2.3 million goodwill impairment.
As part of its strategic realignment, VerifyMe sold its subsidiary, Trust Codes Global Limited. The company also extended its share repurchase program until December 31, 2025, allowing the repurchase of up to $500,000 of its common stock.
VerifyMe is planning a strategic shift, including an exit from its Amazon (NASDAQ:AMZN) Transparency partnership to concentrate on more profitable areas within the Authentication segment, such as ink products. The company aims to achieve adjusted EBITDA positivity by 2025, focusing on operational enhancements in Precision Logistics to improve shareholder value. These are the latest developments in the company's strategy.
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