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VerifyMe, Inc. (NASDAQ:VRME) announced Tuesday the appointment of Jennifer Cola as Chief Financial Officer, effective July 8. Cola, age 55, previously served as the company’s Vice President of Finance since May 2025. Before joining VerifyMe, she was CFO of GP Strategies (NYSE:GPX) Government Solutions, Inc., a subsidiary of GP Strategies Corporation, from January 2024 to April 2025. She also held senior audit and risk roles at Learning Technologies Group, plc and GP Strategies Corporation. Cola joins at a challenging time, with the stock having declined over 71% in the past six months, though InvestingPro analysis reveals 8 additional key insights about the company’s financial health and market position.
The company stated there are no changes to Cola’s compensation as a result of her appointment, and there are no family relationships or related transactions between Cola and company executives or directors.
Cola succeeds Nancy Meyers, who retired as Executive Vice President and Chief Financial Officer effective July 7. Meyers will remain with VerifyMe in a limited non-executive role to assist with the transition. The company noted Meyers’ retirement is not related to any disagreements regarding company operations or financial practices.
Also on Tuesday, the Board of Directors approved an amendment to VerifyMe’s Amended and Restated Bylaws, effective immediately. The amendment reduces the quorum requirement for shareholder meetings from a majority of shares entitled to vote to 33% of shares entitled to vote.
This information is based on a statement provided in a Securities and Exchange Commission filing.
In other recent news, VerifyMe Inc. reported its Q1 2025 earnings, revealing mixed results. The company achieved a slight beat in earnings per share, posting an EPS of -$0.05 compared to the forecast of -$0.06. However, revenue fell short of expectations, coming in at $4.5 million against the anticipated $5.18 million, a 13.1% miss. This revenue shortfall contributed to a negative market reaction. Despite the revenue miss, VerifyMe managed to reduce operating expenses by 28%, indicating effective cost management. The company maintained a net loss of $600,000, consistent with the previous year, and its cash balance increased to $5.7 million. Looking forward, VerifyMe does not expect organic revenue growth in the near term but is considering strategic acquisitions to drive future growth. In addition, the company plans to maintain flat operating expenses while navigating market challenges.
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