Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET
FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Our common stock, par
value $0.001 per share, and warrants to purchase common stock are traded on The Nasdaq Capital Market under the trading symbols “VRME”
and “VRMEW,” respectively.
Common Shareholders
As of March 16, 2023,
we had approximately 1,440 shareholders of record of our common stock. Because many of our shares of common stock are held by brokers
and other institutions on behalf of shareholders, this number is not indicative of the total number of shareholders represented by these
shareholders of record.
Dividends
We have never declared
or paid a cash dividend. At this time, we do not anticipate paying dividends in the foreseeable future. The declaration and payment of
dividends is subject to the discretion of Board and will depend upon our earnings (if any), our financial condition, and our capital requirements.
Nevada law permits a corporation to pay dividends out of earnings or surplus. Accordingly, we cannot pay dividends as a matter of law.
Use of Proceeds
On June
17, 2020, our Registration Statement on Form S-1 (File No. 333-234155), as amended (the “Registration Statement”) relating
to an underwritten public offering of an aggregate of 2,173,913 units consisting of one share of the Company’s common stock and
a warrant to purchase one share of common stock at an exercise price equal to $4.60 per share of common stock was declared effective by
the SEC. The cash proceeds from the offering were $9,023 thousand, net of underwriting discounts and commissions of approximately $800
thousand and fees and expenses of approximately $450 thousand. All proceeds from the offering have been utilized and there were no material
changes in our use of the net proceeds from the offering, as described in our final prospectus filed with the SEC on June 19, 2020.
Share Repurchase Plan
The following table provides information about our share repurchase
activity for the three months ended December 31, 2022
ISSUER PURCHASES OF EQUITY SECURITIES
Period
Total Number
of Shares
(or Units) Purchased
Average Price Paid per
Share (or Units)
Total Number
of Shares
Purchased as Part
of
Publicly Announced
Plans
or Programs (1)
Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Plans
or Programs (1)
(In thousands)
10/01/2022-10/31/2022
-
-
-
$
1,390
11/01/2022-11/30/2022
28,201
1.36
28,201
1,353
12/01/2022-12/31/2022
56,175
1.21
56,175
1,285
Total
84,376
1.26
84,376
$
1,285
(1)
Effective July 1, 2022, the Company’s Board of Directors terminated the existing share repurchase program
and approved a new share repurchase program to replace the existing program due to expire in August 2022 to allow the Company to
spend up to $1.5 million to repurchase shares of its common stock, so long as the price does not exceed $5.00 until July 1, 2023.
During the three months ended December 31, 2022, the Company repurchased 84,376 shares of common stock under the Company’s current
program.
ITEM 6. [RESERVED.]
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.