By Katherine Hamilton
Veritone shares retreated Thursday after the company said it plans to purchase and sell more than 8 million shares of common stock for $2.53 a share.
The stock was down 11% at $2.83 in morning trading. It is down about 66% over the past 12 months.
The artificial intelligence company plans to make the direct offering to Esousa Group Holdings, a New York-based limited liability company. The offering is expected to total about $20.3 million.
The offering is scheduled to close Friday. Veritone plans to use the net proceeds from the offering for working capital and general purposes including capital expenditures, debt service and debt repayment.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 02, 2025 10:02 ET (15:02 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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