Verb Technology (VERB) shares were up more than 91% in recent Friday trading after its top executive said the stock should be trading at more than $22 per share and that the company is "extremely well capitalized" and virtually debt-free.
In an Oct. 10 letter to stockholders, Chief Executive Rory Cutaia also issued upbeat forward-looking statements, saying he expects Q3 results to be "exceedingly better" than the prior quarter, and Q4 results to "greatly exceed" the Q3 performance as the company's business units are "now hitting their stride."
Cutaia said the company had cash in the bank of about $17.2 million as of its most recent Form 10-Q filing.
The software company recently implemented a 1-for-200 reverse stock split of its common shares in its bid to stay listed on Nasdaq.
Price: 9.96, Change: +4.75, Percent Change: +91.17
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