- VerifyMe, Inc (NASDAQ:VRME) elected not to extend the period for a special purpose acquisition company (SPAC) merger with G3 VRM Acquisition Corp (NASDAQ:GGGVU).
- VerifyMe's board determined that it was not in its best interests to allocate additional financial capital at this time for the SPAC to consummate a business combination. Instead, it will focus on its core business and the recent acquisition of PeriShip.
- Additionally, VerifyMe's board approved a new share repurchase program worth $1.5 million replacing the existing share repurchase program.
- VerifyMe provides brand owners time and temperature-sensitive logistics, authentication, supply chain monitoring, and data-rich consumer engagement features using unique smartphone readable codes on their products.
- VerifyMe held $8.4 million in cash and equivalents as of March 31.
- Price Action: VRME shares traded higher by 32.6% at $2.60 on the last check Friday.
