Veritone (VERI) Prices 8.02M Share Offering at $2.53/sh

Veritone, Inc. (NASDAQ: VERI) today announced that it has entered into a definitive agreement providing for the purchase and sale of an aggregate of 8,023,716 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $2.53 per share (or $2.52 for each pre-funded warrant) in a registered direct offering to Esousa Group Holdings, LLC, a New York based family office. The pre-funded warrants have an exercise price of $0.01, are immediately exercisable, subject to certain limitations, and will have a term of five years from the original issue date. The closing of the offering is expected to occur on or about January 3, 2025, subject to the satisfaction of customary closing conditions.

The aggregate gross proceeds to the Company from the offering are expected to be approximately $20.3 million, before deducting offering expenses payable by the Company. The Company intends to use the net proceeds from this offering, together with its existing cash and cash equivalents, for working capital and general corporate purposes including, but not limited to, capital expenditures, debt service, repayment of indebtedness and other business opportunities and to further develop and market its AI platform and applications.

The securities described above are being offered and sold by the Company in a registered direct offering pursuant to a “shelf” registration statement on Form S-3 (File No. 333-280148) that was originally filed with the Securities and Exchange Commission (the “SEC”) on June 12, 2024, and that became effective on June 21, 2024. The offering of the securities in the registered direct offering is being made only by means of a base prospectus and prospectus supplement that forms a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to the registered direct offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus, when available, may also be obtained, when available, from the Company at 1615 Platte Street, 2nd Floor, Denver, Colorado, by phone at (888) 507-1737 or e-mail at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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