ROCHESTER: VerifyMe Inc. has entered into an underwriting agreement with Maxim Group LLC under which the underwriter has agreed to purchase, on a firm commitment basis, 1.65 million shares of common stock of the Company, at a price to the public of $5.30 per share less underwriting discounts and commissions.

The gross proceeds from the offering are expected to be approximately $8.75 million, before deducting underwriting discounts and commissions and estimated offering expenses.

The Company has granted the underwriters a 45-day option to purchase up to an additional 247,500 shares of common stock to cover over-allotments, if any. The offering is expected to close on February 12, 2021, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager for the offering. Joseph Gunnar & Co., LLC is acting as co-manager for the offering.

VerifyMe Inc. (NASDAQ: VRME), is a technology solutions provider specializing in brand protection functions such as counterfeit prevention, authentication, serialization, and track and trace features for labels, packaging and products.

VerifyMe’s physical technology authenticates packaging, labels and documents with a suite of proprietary security inks and pigments, which work in conjunction with serialization and track and trace software known as VeriPAS that allows both consumers and brand inspectors to verify authenticity with their smartphones.

VeriPAS is a serialization software system that brand owners access through a web portal to monitor, control and protect their products complete life cycle. www.verifyme.com

(GLOBE NEWSWIRE)